FX.co ★ Technical analysis and trading recommendations on USD/CAD & USD/JPY for February 10, 2015

THE USD AGAINST CAD & JPY

The Yen gained ground against the USD at the previous session. The concerns in Greece pushed the Yen to move higher. On the other hand, the US dollar forfeited some of its gains after a strong rally. The strong US fundamental data helped the US dollar to gave an upside breakout from the 13-day consolidation range. The pair faced strong resistance at the top end of the symmetric triangle. The pair has resistance between 119.50 and 120.00. The support base exists at 116.00 and 115.50. The weekly support exists at 116.00 and 20Wsma. In case if the pair closes below 115.00, we can confirm the broadening top for the near and medium term. The prices are forming a flag pattern on the hourly chart. We recommend fresh buying above 118.80. Safe buying will trigger above 119.00 with the targets at 119.20, 119.60, and 120.00. We can see the next targets above 119.25 only.

Support: 118.30, 118.00, 117.80.

Until the pair trades above 117.80, use every dip to buy

USD/CAD

The prices made a double top at 1.2592 on the h4 chart. The prices are closed and trading below hourly moving averages. The intraday support exists at 1.2429, 1.2375, and 1.2350. The hourly resistance exists at 1.2500. Risky traders can buy above 1.2500 with the targets at 1.2525 and 1.2550. Safe traders can buy above 1.2550 with the targets at 1.2590, 1.2620, and 1.2700.