Daily Forecast - 23 November 2015
USDJPY Spot
USDJPY outlook is less positive & failure to hold above 122.90/85 targets 122.65/60. If we continue lower look for strong support at 122.40/35 with a low for the day expected. Try longs with stops at 122.15.
The pair will need to clear 123.05/10 today to target first resistance at 123.25/28. A break above 123.40 then targets double top highs at 123.59/67. Try shorts with stops above 123.80. Just be aware that a weekly close above 123.70 is a buy signal for next week.
EURUSD Spot
EURUSD closing in on 1.0615 lows. Outlook negative despite oversold conditions & there is nothing to say we will hold 1.0615. A break lower targets 1.0570/65 then April lows at 1.0529/19.
Outlook negative until we see a but signal with first resistance at 1.0645/50 in the bear trend but above here we could target 1.0670, perhaps as far as 1.0705.
GBPUSD.
GBPUSD holding below 1.5205 keeps the outlook negative & targets 1.5180/75 then the best support of the day at 1.5140/35. A bounce from here could target 1.5180/75 but longs need stops below 1.5115. A break lower targets 1.5090.
Short term trend line resistance at 1.5220/25 but above here a selling opportunity at 1.5255/60. Shorts need stops above 1.5290.
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