EURJPY

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EURJPY surged on the news that the BOJ has introduced open ended operations but retraced back to the Daily support zone in the afternoon. EJ is forming descending triangle and pending for the breakout. However, we are on the long bias if it able to bounce back from the support @ 111.75 to 112.44.

 

XAUUSD

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XAUUSD is currently trading at the trend line support prior the FOMC rate decision. Rate hike possibility is rather low, however the Yellen’s speech is important in determining the direction of USD. If the support able to hold then chances for the triangle to breakout is high.

Support zone @ 1295 to 1308.5

EURUSD

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EURUSD is trading at the daily support, however the head and shoulder pattern is trading at the neckline support. Traders are advised to wait for the clearer direction before entering a new position.

USDCAD

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USDCAD is currently trading at the major resistance in the daily chart. Short term bearish outlook in H4 after failed attempt to breakout the resistance. Traders may have a short position with a stop loss above the major resistance.