USDJPY corrects under fresh peaks; focus remains at the upside

EURUSD

Euro extended downtrend from 1.1465, 15 May peak and broke below psychological 1.09 support, to close below 1.0880, Fibonacci 61.8% of 1.0519/1.1465 ascend. Yesterday’s close in long red candle, along with strong bearish setup of daily studies, confirms bears fully in play. Fresh weakness is expected to target daily Ichimoku cloud base at 1.0734. Corrective action on oversold near-term studies, probes above 1.09 handle, with initial barriers at 1.0927, daily 55SMA and 1.0938/55, yesterday’s intraday high and Fibonacci 23.6% of 1.1206/1.0860 descend / daily cloud top, with stronger rallies to be capped under psychological 1.10 barrier, Monday’s hourly lower platform and week’s top. Only break here would sideline bears and signal stronger recovery.

Res: 1.0927; 1.0955; 1.1008; 1.1033
Sup: 1.0860; 1.0818; 1.0800; 1.0742






GBPUSD

The pair  closed in red and below psychological 1.54 level yesterday, after bearish acceleration was contained above next strong support at 1.5335, Fibonacci 38.2% of 1.4563/1.5813 rally. This now marks pivotal support, with bounce on oversold near-term conditions under way. Yesterday’s action was capped by daily 20SMA that marks the upper pivot and is expected to cap corrective rallies, before fresh push lower. Overall bearish picture supports the notion. Only break above 1.5465, daily 20SMA, would trigger stronger acceleration higher and expose breakpoint at 1.5567, daily 200SMA. On the downside, loss of pivotal 1.5335 support, would open 1.5188/58 support zone, 50% retracement / daily 100SMA.

Res: 1.5431; 1.5465; 1.5480; 1.5505
Sup: 1.5376; 1.5352; 1.5335; 1.5300






USDJPY

The pair closed yesterday’s trading in long green candle, following strong acceleration above previous top at 122.01 and probe through psychological 123 barrier, above which, yesterday’s action closed. Strong bullish tone keeps focus at next targets at 123.66, July 2007 high and key long-term barrier at 124.14, June 2007 peak, to complete multi-year 124.14/75.55 descend. Near-term price action consolidates around 123 handle, with higher low at 122.47, marking ideal reversal point and guarding pivots at 122.15/01, Fibonacci 61.8% of 121.43/123.31 upleg / former peak. However, caution of deeper pullback is required, as daily studies are overextended.

Res: 123.00; 123.66; 124.00; 124.15
Sup: 122.59; 122.47; 122.15; 122.01







AUDUSD

Yesterday’s fresh bearish acceleration that left long red daily candle, cracked daily Ichimoku cloud top and bottomed at 0.7725. Daily close below 0.7772, Fibonacci 61.8% retracement of 0.7531/0.8161, confirms strong bearish stance and looks for possible full retracement of the rally. Bearish setup of daily studies confirms the notion. Near-term consolidation above 0.7725 low, faces initial barrier at 0.7792, daily 55SMA and should stay capped under daily 100SMA at 0.7831 that limited past two days upside attempts. Only break here to delay bears, in favor of stronger bounce.

Res: 0.7792; 0.7831; 0.7865; 0.7930
Sup: 0.7725; 0.7700; 0.7680; 0.7650