USD/JPY: Bullish Bias Emerges with Price Above Ichimoku Cloud - Key Resistance & Support Levels

USD/JPY:

• Overall bias: Bullish

• Based on H4 chart, price crossing above the Ichimoku cloud indicates a bullish market

• Possible scenarios:

  • Price continues towards 1st resistance at 134.632 (overlap resistance)

  • Price retests 1st support at 130.812 (overlap support and 50% Fibonacci line)

• Areas of consideration:

  • H4 time frame, 1st resistance at 134.632

  • H4 time frame, 1st support at 130.812

DXY:

• Overall bias: Bullish

• Based on H4 chart, price crossing above the Ichimoku cloud indicates a bullish market

• Possible scenarios:

  • Price continues towards 1st resistance at 105.631 (previous swing high)

  • Price retests 1st support at 102.439 (50% Fibonacci line and overlap support)

• Areas of consideration:

  • H4 time frame, 1st resistance at 105.631

  • H4 time frame, 1st support at 102.439

Technical Analysis of Forex Market: AUD/USD, and NZD/USD on February 7th, 2023

AUD/USD:

• Bearish bias due to price being below the Ichimoku cloud and ascending trend line broken

• Potential resistance: 0.71363 (recent swing high)

• Potential support: 0.68768 (50% Fibonacci retracement)

• Potential support: 0.66382 (overlap and recent swing low)

NZD/USD:

• Bearish bias due to price being below the Ichimoku cloud and ascending trend line broken

• Potential resistance: None mentioned

• Potential support: 0.62100 (recent overlap swing low)

• Potential support: 0.60179 (overlap support)

Technical Analysis of XAU/USD, EUR/USD and GBP/USD: Bearish Bias

XAU/USD (GOLD):

• Overall bias: Bearish

• Based on H4 chart, price being below the Ichimoku cloud indicates a bearish market

• Possible scenarios:

  • Price continues towards 1st support at 1824.515 (overlap support)

  • Price retests 1st resistance at 1901.430 (overlap resistance and 38.2% Fibonacci line)

• Areas of consideration:

  • H4 time frame, 1st resistance at 1901.430

  • H4 time frame, 1st support at 1824.515

EUR/USD:

• Overall bias: Bearish

• Based on H4 chart, price crossing below the Ichimoku cloud indicates a bearish market

• Possible scenarios:

  • Price continues towards 1st support at 1.06952 (overlap support)

  • Price retests 1st resistance at 1.08459 (overlap resistance and 23.6% Fibonacci line)

• Areas of consideration:

  • H4 1st resistance at 1.08459

  • H4 1st support at 1.06952

GBP/USD:

• Overall bias: Bearish

• Based on H4 chart, price crossing below the Ichimoku cloud indicates a bearish market

• Possible scenarios:

  • Price continues towards 1st support at 1.18410 (previous swing low)

  • Price retests 1st resistance at 1.21116 (overlap resistance and 23.6% Fibonacci line)

• Areas of consideration:

  • H4 1st resistance at 1.21116

  • H4 1st support at 1.18410

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