USD/JPY: Continued strength
|EUR/USD
Increasing.
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EUR/USD is bouncing off from 1.1777 low and trades below 1.1812 (25/12/2018), heading along 1.1825. The pair is currently at mid-December 2017 levels. Hourly support and resistance are now given at 1.1737 (17/12/2017 low) and 1.2323 (17/01/2018 high). The technical structure suggests short-term increase.
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In the longer term, the momentum is turning largely positive. We favor a continued bullish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.1554 (08/11/2017 low).
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GBP/USD
Trading sideways.
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GBP/USD is starting a bullish consolidation at the 1.3520 range. Hourly support and resistance are given at 1.3331 (19/12/2017 low) and 1.4097 (29/01/2018 high). The technical structure suggests short-term sideways trading moves.
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The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline but the pair is moving to 2016 highs. Long-term support and resistance are given at 1.1841 (07/10/2017 low) and 1.5018 (24/06/2016 high).
USD/JPY
Continued strength.
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USD/JPY rise continues, approaching the 111 range. The bullish pattern started from 104.56 (25/03/2018 low) is maintained. Hourly support and resistance are located at 108.74 (25/01/2018 low) and 111.48 (18/01/2018 high). The technical structure suggests short-term sideways trading moves.
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We favor a long-term bearish bias. Support remains at 101.20 (09/11/2016 low). A gradual rise toward the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low). The pair trades slightly above its 200 DMA.
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