Intraday Outlooks For EUR/USD, USD/JPY, USD/CAD, AUD/JPY

The following are the intraday outlooks for EUR/USD, USD/JPY, USD/CAD, and AUD/JPY as provided by the technical strategy team at SEB Group.

EUR/USD: In range with a small bullish tilt. A European overnight gap was closed and mid-body support was checked. And then the market closed mid-range yesterday. This leaves us with a cautious near-term upside tilt still lingering and no key data releases for any of currencies in the pair today. Keep an eye on 1.1260, 1.1214 & 1.1202 below and at 1.1380 above.

USD/JPY: In a verbally fueled tailspin. The near-term negative technical picture just got a little help from BoJ officials, thinking loud on how much good more stimulus can do. Loss of supports at 123.75/60 (now resistance by the way) has opened up for further decline to the next support of interest at 122.37/34. A move back over 124.65 is needed to somewhat ease the downside risk.

USD/CAD: Lost the 1.2368 support... And this lowers the bar to the next set of support pockets below in a 1.2240/1.2170-area. Higher oil prices should be of help, but the intraday stretches have been well respected lately and those are currently found at 1.2255 (& 1.2445) and those have to be kept in mid also.

AUD/JPY: Confirming the double top. If a sustained break of 94.27 takes place a double top will be confirmed put in place (ending wave c of the upside correction that begun in February). Such a development will then call for continued losses down to next the 161.8% Fibo projection point at 92.59, the bear flag floor at 91.60 and ultimately breaking the b-wave low (confirming new trend lows) at 90.19.

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