USDJPY rises above 122.20 pivot; post-Fed bullish bias favors further upside

EURUSD

The Euro accelerated lower after Fed, extending weakness from 200SMA rejections at 1.1040 zone. Two-legged descend found temporary support at 1.0830, with consolidation above here, seem preceding fresh weakness towards pivotal 1.0790 support zone, 07 Dec trough, reinforced by daily Kijun-sen and 20SMA. Violation of the latter is needed to confirm reversal and open way for further retracement of 1.0519/1.1058 upleg.
Setup of daily MA’s is mixed, while indicators are bullishly aligned and along with oversold slow Stochastic, keep the downside protected for now.
Initial resistance lies at 1.0925, daily 10SMA / near Fibonacci 38.2% of 1.1058/1.0830 descend, followed by daily 55SMA at 1.0950 and daily Ichimoku cloud base at 1.0978, break of which would sideline downside threats.

Res: 1.0883; 1.0925; 1.0950; 1.0978
Sup: 1.0851; 1.0830; 1.0790; 1.0765






GBPUSD

Cable remains under strong pressure and continues to trend lower, on the way for full retracement of 1.4892/1.5237 upleg. Today’s fresh bearish acceleration hit 1.4917 low, ticks away from key 1.4892 low, with consolidative action expected to precede fresh attempts lower. Psychological 1.50 level, marks initial resistance, followed by 1.5040, Fibonacci 38.2% of 1.5237/1.4917 downleg and falling daily 10SMA / Tenkan-sen at 1.5086, which is expected to cap.

Res: 1.5000; 1.5040; 1.5086; 1.5115
Sup: 1.4917; 1.4892; 1.4861; 1.4800








USDJPY

The pair consolidates under fresh high at 122.62, posted today, on extension of strong recovery rally from 120.33, low of 14 Dec. Former consolidation floor and Fibonacci 61.8% of 123.46/120.33 downleg at 120.20 was cracked, with sustained break higher, required to confirm bullish resumption towards key lower platform at 123.70 zone.
Thickening daily cloud continues to underpin the action, with 200SMA at 121.58 and daily cloud top at 121.37, marking key near-term support zone, above which, corrective dips should be contained.


Res: 122.62; 123.03; 123.46; 123.65
Sup: 122.18; 121.89; 121.58; 121.37






AUDUSD

The pair remains within 0.7155/0.7280 congestion, which left three consecutive long-legged daily candles, signaling indecision. Strong support at 0.7155, higher base, reinforced by daily Ichimoku cloud top, resisted today’s renewed bearish attacks. While the latter holds, expect prolonged sideways trading, as daily indicators are in neutral mode and 20d Bollinger bands are contracting.
At the upside, daily 20SMA marks initial resistance at 0.7244, which guards pivotal congestion top barrier at 0.7280. Sustained break here is needed to shift near-term focus higher.
Conversely, violation of 0.7155 pivot is needed to complete daily Head and Shoulders pattern and signal fresh acceleration lower.

Res: 0.7214; 0.7244; 0.7280; 0.7332
Sup: 0.7174; 0.7155; 0.7100; 0.7067