Daily Forecast - 26 June 2017
USDJPY Spot
USDJPY bottomed a few pips above first support at 111.00/110.95 on Friday so watch this level on any weakness today. The best support for the start of this week is at 110.65/60. Longs need stops below 110.30. A break lower sees 110.60/65 act as resistance to targets 110.00/109.95.
Important 100 day moving average resistance at 111.75/80. This held gains perfectly last week so should be important again today, especially as we are now overbought on the daily chart, but shorts need stops above 112.20. A break higher targets the 100 week & 500 day moving averages at 112.50/60 for a selling opportunity with stops above 112.99.
GBPUSD spot
GBPUSD bulls beat first resistance at 1.2700/10 & prices held above here for the rest of the session, which is encouraging for those bulls. Minor resistance at 1.2760/65, but we could eventually reach as far as stronger resistance at 1.2810/20.
We now have first support at 1.2710/00 which held in the afternoon once we had broken above here. A break lower again however triggers a dip to 1.2655 before the 100 day moving average support at 1.2636/32 which did a pretty good job of holding much of last week. If we continue lower look for 1.2600 & last week's low at 1.2590/87 but bear in mind important 6 month trend line & 200 day moving average support at 1.2550/45. Try longs with stops below 1.2510.
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