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Technical Analysis: HUFJPY Approaching 38.2% Fibo Support

HUNGARY
  • USDHUF ticks higher this morning after finding a local low at 311.80 earlier; resistance to watch on the topside stands at 314.10, followed by 315. On the downside, first support stands at 310, followed by 308.50.
  • EURHUF tick higher this morning and is currently testing its 365 resistance; a break above that level would open the door for a move up to 369.20. On the downside, first support stands at 363.10, followed by 360.
  • GBPHUF ticks higher this morning after finding support slightly below 429 earlier; resistance to watch on the topside stands at 433.10, followed by 435. On the downside, first support stands at 425.
  • CZKHUF has been flat in the past week, oscillating around 14.20. Key resistance to watch on the topside stands at 14.25, which corresponds to the pair's all-time high. On the downside, first support stands at 14.11, followed by 14.03.
  • PLNHUF ticks lower after finding a local high at 79.34 earlier; next resistance to watch on the topside stands at 79.41. On the downside, first support stands at 79, followed by 78.67.
  • HUFJPY has been retracing in the past few days, gradually approaching its ST support at 36.08, which represents the 38.2% Fibo retracement of the 31.78 – 38.73 range (2020/21/ low high). On the topside, first resistance stands at 36.50 (200DMA), followed by 36.66 (50DMA). (scale*100, chart below).

Source: Bloomberg/MNI

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