Three Very Smooth Technical Setups for Wednesday: GBPJPY, EURJPY and EURAUD

Pressure on the USD remains high but on few pairs, American Dollar, is able to make small gains. Luckily for the trend followers, they are not significant and do not change much in the main flow of the money. Today we will analyse two pairs with the JPY where we see a high potential for an upswing and the EURAUD, which made another step for a full strong buy signal.

First GBPJPY, which today broke the upper line of the flag and in the same time triggered a mid-term buy signal. The potential target for this movement is around 147.7.

Second is the EURJPY, which used the ascending triangle to climb higher. After the breakout we have usual retracement, which should test the recent resistance as a closest support. That can be a great occasion for buyers.

Last one is the EURAUD, which created an iH&S and managed to break a horizontal neckline. Currently the closest aim is the upper line of the flag but I guess we should be able to climb much higher.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

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