USD/JPY: Wide-open for further downside moves
|EUR/USD
Bearish consolidation after strong surge.
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EUR/USD is consolidating at the moment. Hourly resistance is located at 1.1878 (12/10/2017 high). T Hourly support is given at a distance at 1.1554 (07/11/2017 low). Expected to show continued short-term consolidation before heading higher towards resistance at 1.1878 ( 12/10/2017 high).
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In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance is holding at 1.2252 (25/12/2014 high) while strong support lies at 1.0341 (03/01/2017 low).
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GBP/USD
Volatility declines.
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GBP/USD is still holding below 1.32. Support is given at 1.3027 (06/10/2017 low). Resistance area is given around 1.3200. The technical structure suggests further sideways price action.
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The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. Long-term support can be found at 1.1841 (07/10/2017 low). Long-term resistance given around 1.35 is at stake and indicates a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.
USD/JPY
Wide-open for further downside moves.
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USD/JPY has broken short-term uptrend channel. Hourly support given at 113.09 (09/10/2017 low) has been broken. Stronger support is located at a distance at 111.12 (20/09/2017 low). Expected to show further decline.
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We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).
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