USDJPY remains under pressure; extension to 105 zone not ruled out

EURUSD

The Euro cracked strong 1.1400 barrier, on the fifth consecutive day’s extension of rally from 1.1213 (25 Apr low). Sustained break above 1.1400 will open next targets at 1.1463 (12 Apr high) and 1.1495 (15 Oct 2015 peak).
Bullish technicals support further upside, as the pair is on track for strong weekly bullish close.
Initial supports lay at 1.1345/32 (session low / daily 20SMA) and guard 1.1300 support zone (yesterday’s low / daily 10/30SMA’s bull cross).

Res: 1.1412; 1.1463; 1.1495; 1.1555
Sup: 1.1367; 1.1345; 1.1332; 1.1300





GBPUSD

Cable reached its initial target at 1.4665 (04 Feb high), on today’s fresh bullish extension, signaling an end of two-day congestion and resumption of bull-leg from 1.4004 (06 Apr trough).
Rally was so far capped by weekly Kijun-sen line, with subsequent consolidation, expected to precede fresh attempts higher.
Daily studies maintain firm bullish tone, confirmed by 10/100 & 20/30 SMA’s bull crosses and daily Tenkan-sen line in steep ascend.
The pair is on track for strong weekly close, also ending month in long-tailed bullish candle.
Break above 1.4665 will open next significant barrier at 1.4701(/ Fibo 61.8% of 1.5237/1.3834 descend), above which, stretch towards 1.4900/1.5000 zone, could be anticipated.
Session low at 1.4562, marks initial support, followed by yesterday’s low and hourly higher base at 1.4520, which is expected to contain dips.
Downside trigger lies at 1.4470, two-day consolidation floor, reinforced by ascending daily Tenkan-sen line.

Res: 1.4665; 1.4701; 1.4750; 1.4803
Sup: 1.4594; 1.4562; 1.4520; 1.4470







USDJPY

The pair remains under pressure and extends yesterday’s sharp fall. Loss of strong support and base at 107.60, triggered fresh bearish acceleration, which cracked 107 handle and came ticks away from next downside target at 106.70 (Fibo 76.4% of 100.81/125.84, year-long bull leg).
Firm bearish tone dominates on technicals on all timeframes and sees potential for downside extension towards next significant supports at 105.50/00 zone, as the pair is on track for very strong bearish weekly close and also monthly close in red.
However, daily studies are approaching oversold territory and suggesting corrective action in the near-term.
Former base at 107.60 now marks initial resistance, followed by session high at 108.20.

Res: 107.60; 108.20; 108.80; 109.47
Sup: 106.90; 106.70; 106.00; 105.50






AUDUSD

Aussie closed positive yesterday, taking a breather after Wednesday’s sharp fall triggered by soft inflation data. Overnight’s recovery extension was so far capped by daily 20SMA at 0.7660, keeping bearish setup of daily MA’s in play for possible fresh attempts lower, despite bullishly aligned daily indicators.
The pair is awaiting next week’s RBA’s rate decision for clearer direction. RBA is forecasted to stay unchanged and such decision would boost Aussie for return to 0.7833 (fresh 10-month high, posted on 21 Apr).
Conversely, any surprise from RBA (rate cut) would put the pair under pressure and expose strong supports at 0.7500/0.7490 zone (daily Ichimoku cloud top / daily higher base).

Res: 0.7660; 0.7690; 0.7710; 0.7763
Sup: 0.7617; 0.7578; 0.7546; 0.7490