USDJPY - sharp fall erases most of three-day recovery rally and brings bears back to play

EURUSD

The Euro consolidates above 1.08 zone, where yesterday’s sharp fall found footstep, guarding strong supports at 1.0790, daily 20SMA / Kijun-sen line. Upside attempts were so far limited, keeping intact initial barriers at 1.0890/1.0913, hourly cloud base / downside-reversed daily 10SMA.
Near-term studies remain weak and keep focus at the downside. Final break below 1.0790 handle to open way for further retracement of 1.0519/1.1058, with no significant supports on the way, once 1.0790 is cleared.
On the other side, daily indicators are bullishly aligned, while MA’s show mixed setup, as the price action moves within 20/100SMA’s range.
Daily slow Stochastic is oversold and suggests that bullish signals for stronger bounce could be expected.
Above daily 10SMA, next good resistance lies 1.0973, daily Ichimoku cloud base, penetration of which to neutralize near-term bears.

Res: 1.0867; 1.0890; 1.0913; 1.0973
Sup: 1.0790; 1.0765; 1.0725; 1.0700






GBPUSD

Cable corrects yesterday sharp fall that left fourth consecutive long red daily candle and fully retraced 1.4892/1.5237 upleg. The pair posted fresh low at 1.4863, where weekly bear-channel support was tested.
Corrective rallies are seen ahead of fresh attempts lower, with initial resistance at psychological 1.50 level, also Fibonacci 38.2% retracement of 1.5237/1.4863 descend. Daily 10SMA / Tenkan-sen, which lay at 1.5050, are expected to ideally cap rallies.
Renewed attempts lower will be looking for retest of 1.4830/12 Mar / July 2013 lows.

Res: 1.4951; 1.5000; 1.5050; 1.5099
Sup: 1.4928; 1.4863; 1.4830; 1.4812








USDJPY

The pair dipped to 121 zone, following spike to 123.53, where rally was capped and subsequent sharp fall. Sharp bearish acceleration that was supported by low liquidity, penetrated daily Ichimoku cloud top at 121.37, but the cloud, spanned between 120.83 and 121.37, is still acting as valid support.
Bounce on oversold near-term studies could extend above initial 200SMA barrier at 121.58, with daily 20SMA at 122.50, expected to cap extended rallies.
Bearish daily studies favor further weakness. Extension below daily cloud base is needed to confirm bears and open way for full retracement of 120.33/123.53 upleg.
Alternative scenario requires close above daily 20SMA to neutralize.

Res: 121.58; 122.00; 122.50; 122.86
Sup: 121.37; 121.04; 120.83; 120.33






AUDUSD

Aussie consolidates yesterday’s sharp fall that eventually broke below strong 0.7155 base and left long red daily candle, on a dip below 0.7100 support. Daily bears are again fully in play, as the pair ended near-term consolidation phase and look for test of 0.7067, 18 Nov trough, ahead of key near-term supports at 0.7014, 10 Nov low and psychological 0.7000 support.
Corrective attempts were so far capped under thin daily Ichimoku cloud top at 0.7158, guarding falling daily 10SMA barrier at 0.7182.
Only return to daily high at 0.7244, reinforced by daily 20SMA, would sideline bearish threats.

Res: 0.7158; 0.7182; 0.7208; 0.7244
Sup: 0.7110; 0.7095; 0.7067; 0.7067