In early trading this morning the USD/JPY hit a low around the 134.782 area temporarily, but since touching this ratio the Forex pair has reversed higher. The long term bullish run of the USD/JPY touched values not seen since 1998 recently and speculators may not want to give up on this higher territory quite yet. While the lower move the past handful of days maybe enticing, short term traders need to acknowledge a few considerations.

The USD/JPY was trading near 137.000 on the 29^th of June and this morning’s low was a healthy dose lower with a recorded value of nearly 134.782 as written above previously.  However, traders need to know that U.S financial institutions are on holiday today, and many of the American financial houses began shuttering their doors last Friday. While such a simple reason for a lack of buying from the U.S side may sound too easy, it is often the evident things that prove worthwhile.

Yes, the USD/JPY does look absurdly high and overbought, and speculative traders cannot be blamed for wanting to attempt contrarian positions which sell the USD/JPY. However, the long term trend cannot be merely ignored. Technical traders do have a reason to suspect the Japanese Yen is far too weak and will eventually begin to get stronger and make the USD/JPY move lower, but when this will take place is still an open question.

Short term support levels this morning seemed to cause a bounce higher, producing purchasing of the USD/JPY.  With the absence of the U.S financial institutions until tomorrow, trading conditions are likely to remain choppy over the next twenty four hours. However, upon the return of full market volume to Forex, the USD/JPY is likely to search for equilibrium. If the USD/JPY is languishing below the 135.250 mark as of tomorrow, this may be considered a place to attempt buying positions and search for upside momentum.

The USD/JPY has shown a strong ability to trend and betting against this long term move to suddenly disappear in the near term may prove an expensive wager.  The U.S Federal Reserve is maintaining its hawkish interest rate rhetoric while the Bank of Japan continues to remain dovish. These viewpoints are unlikely to change within the next couple of weeks. Support levels in the near term for the USD/JPY may prove to be intriguing places to ignite buying positions, which seek moves towards technical resistance the next couple of days as speculative wagers.

USD/JPY Short Term Outlook

Current Resistance: 135.610

Current Support: 135.130

High Target: 136.020

Low Target: 134.600

BNB/USD has mirrored its major crypto counterparts with a nosedive this morning towards important support, as trading conditions have displayed nervousness.

Volatile conditions seemingly are ahead today for the broad cryptocurrency market, and BNB/USD is mirroring the nervous sentiment early this morning. As of this writing, BNB/USD is near the 219.0000 level with fast price action. A sharp downturn has been exhibited across the board in the cryptos. Selling in the broad market yesterday has turned into greater price velocity downwards today.

Certainly BNB/USD like its major counterparts could reverse higher, but a lack of buyers appears rather evident as Binance Coin has shown little in the way of ability to stage a strong move higher. BNB/USD is still lurking near important support levels and this morning’s breach of the 220.0000 may have sparked some additional selling. If BNB/USD is not able to climb above the 220.0000 with a sustained move and challenge short term resistance slightly below the 221.0000 juncture this could be a negative indicator.

Skeptics still seem to outnumber optimists within the broad marketplace, and BNB/USD is a reflection of the large digital asset world because Binance Coin serves as the ‘token’ for the Binance exchange which is powerful part of cryptocurrency eco-system.   If BNB/USD continues to see pressure downward, the 219.0000 to 218.0000 should be monitored if this range begins to produce price action. A move below the 218.0000 level if it is sustained could signal additional selling will mount quickly.

The five day chart is clearly showing that BNB/USD is testing lows, but if a one month chart is used by technical traders it becomes clear there are potential lower depths that can be explored. BNB/USD is a fast moving cryptocurrency under normal conditions, but if the digital landscape becomes exceptionally volatile near term, Binance Coin can produce sudden spikes which can be dangerous.

Traders should use entry price orders to ignite trades today and conservative leverage is urged.  Traders who aim for lower targets by shorting BNB/USD when it comes close to resistance which proves durable may be making a worthwhile wager. Selling Binance Coin near the 220.4000 to 220.7000 levels could be considered if present conditions are maintained by conservative speculators. Traders should not be overly ambitious with their targets, but aiming for the 219.0000 to 218.5000 levels may prove to be opportunistic.

Traders should monitor not only Binance Coin this morning if they are considering a short position of BNB/USD, but also its major counterparts.  If other major cryptocurrencies continue to show weakness today, BNB/USD could be ready to fall to lower depths again.

Binance Coin Short-Term Outlook

Current Resistance: 220.9600

Current Support: 219.0900

High Target: 228.7500

Low Target: 204.1000

ADA/USD has been volatile in early trading this morning, this after a downturn which started on the 5^th of April built up speed.

ADA/USD may have speculators sitting on the edges of their seats early this morning.  After testing the 1.24750000 mark on the 4^th of April and coming within sight of very important resistance levels last sincerely traded in abundance around the 7^th of February, Cardano has taken a detour lower. ADA/USD saw its selloff build additional momentum in early trading today when it busted through the 1.05000000 level and tested the 1.03810000 ratio briefly.

However since hitting lows this morning which were last seen on the 23^rd of March, ADA/USD has held firm and actually reversed slightly higher. The current price of Cardano is trading near the 1.08800000 mark and appears to be steady for the moment. The broad cryptocurrency market has also taken on a negative tone the past couple of days. Traders will have to decide if this is a temporary downturn being spurred on by some residual nervousness, profit taking, or an actual indicator more bearish trajectory will be witnessed near term.

ADA/USD remains staunchly within sight of it highs when looking at a one month chart.  While the distance is not entirely close, the 1.25000000 juncture which was tested but not punctured from the 28^th of March until the 4^th of April may still attract optimistic bullish traders. A belief that the sudden downturn in ADA/USD produced the past few days of trading may be a natural reaction to highs being enjoyed again is not farfetched. If Cardano can consolidate in its current price vicinity this may attract the attention of speculators.

Certainly support ratios near the 1.0700000 mark should be watched, and if it falters and a retest of lows seen early this morning reemerges, this would be a negative short term signal.  But if the 1.0850000 mark can prove durable short term and trading doesn’t go much lower than this target, then buyers may feel compelled to step in again and search for additional reversals higher.

After suffering a long bearish trend, traders of ADA/USD cannot be blamed for being cautious and they should be. However, Cardano has seen a rather solid bullish trend emerge since the middle of March, and its selloff the past couple of days may prove to be a temporary setback based on profit taking by short term speculators. Stop losses and conservative leverage should be used, because volatility may be abundant in the near term.

Cardano Short-Term Outlook

Current Resistance: 1.08930000

Current Support: 1.07250000

High Target: 1.13520000

Low Target: 1.02210000