Pivotal Moment: USDJPY Hinges on 159.03; Oil Falls, Stocks Rise

MARKET ANALYSIS

USDJPY

USD/JPY intraday : Trend at a crossroads

Our pivot point is at 159.03.

Our preference:

Our next up target stands at 159.90

Alternative scenario:

Below 159.03, expect 158.74 and 158.56.

Comment:

The asset is now hovering dangerously close to our pivot, representing a pivotal moment that could be among the last opportunities for a trend reversal.

EURUSD

EUR/USD intraday : Key resistance level approaches

Our pivot point is at 1.1539.

Our preference:

The upside prevails as long as 1.1539 is support, with 1.1589 and 1.1602 as targets

Alternative scenario:

Below 1.1539, expect 1.1519 and 1.1506.

Comment:

Prices are now within reach of our first target, a level that could invite the price to consolidate. On the flip side, a clear break above it may well sustain the upward move.

GBPUSD

GBP/USD intraday : Watch 1.3569

Our pivot point is at 1.3500.

Our preference:

The upside prevails as long as 1.3500 is support, with 1.3569 and 1.3589 as targets

Alternative scenario:

Below 1.3500, expect 1.3467 and 1.3448.

Comment:

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price is above its 20 and 50 period moving average (respectively at 1.3541 and 1.3522).

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (V6)‎ intraday: aim @ 80.60.

Pivot:82.00

Our preference:

Short positions below 82.00 with targets at 80.60 & 79.90 in extension.

Alternative scenario:

Above 82.00 look for further upside with 82.65 & 83.30 as targets.

Comment:

The RSI is mixed and calls for caution.

GOLD

Gold intraday : Watching for a Trigger Above Resistance

Our pivot point is at 4,321.

Our preference:

Our next up target stands at 4,424

Alternative scenario:

Below 4,321, expect 4,284 and 4,262.

Comment:

The chart structure suggests the instrument is coiling ahead of a potentially significant move.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: intraday support around 53700.

Pivot:53700

Our preference:

Long positions above 53700 with targets at 54140 & 54340 in extension.

Alternative scenario:

Below 53700 look for further downside with 53490 & 53340 as targets.

Comment:

The RSI is mixed with a bullish bias.

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: look for 30400.

Pivot:29990

Our preference:

Long positions above 29990 with targets at 30270 & 30400 in extension.

Alternative scenario:

Below 29990 look for further downside with 29770 & 29710 as targets.

Comment:

The RSI calls for a new upleg.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: bullish bias above 7793.

Pivot:7793

Our preference:

Long positions above 7793 with targets at 7838 & 7860 in extension.

Alternative scenario:

Below 7793 look for further downside with 7764 & 7738 as targets.

Comment:

The RSI calls for a rebound.