The following are the intraday outlooks for EUR/USD, and USD/JPY as provided by the technical strategy team at SEB Group.
EUR/USD: The 2012 low bearishly violated. The market is a far cry from rechecking the 1.28s now. Last week's U-Turn nullifies earlier bullish potential coming with the positive weekly candle the week before last. A long-term (2010-2012) trendline is under pressure after breaking the 2012 low (1.2242). If not stopping here at a short-term 127.2% Fibo extension ref or at descending line of support now at 1.2160 and/or the 161.8% Fibo projection ref at 1.2140, the 2010 low of 12042 would become fully exposed.
For today the downside also deserves focus with the recent fresh low extending the near-term downtrend. A 1.2247/53 pivot is first-hand resistance but 1.2303 (the Fri high) should also be a strong ref since it coincides with the current intraday stretch. The same stretch on the downside is currently located at 1.2180.
USD/JPY: Medium-term dynamic support rules. The medium-term 8week 'Tenkan-Sen' is fast approaching and the market respects it. The Nov 115.50 mid-body point was also of help stemming what now looks like a paced three-wave correction lower. If/when violating resistance at 119.92, extension back or even above 121.86 should be accounted for. Supports to take note of are located at 118.83 & 118.26. Current intraday stretches are located at 118.55 & 120.35.
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