While being capped by a tough resistance at 78.00/25 the near-term bias for the pair is bearish which has been confirmed by a dip below 78.00 level. At the moment USD/JPY is heading toward a support at 77.00.
The immediate resistance for the Cable is situated at 1.5779, while a higher level is at 1.6165. In case the pair becomes bearish, supports at 1.5557 and at 1.5409 should be able to halt downward movement and restore neutral bias.
The Euro is expected to keep on depreciating relative to the Japanese Yen. Even though the price managed to rebound from 101.00, it was unable to penetrate 102.50 and currently stays below 200 4H moving average.
The outlook for EUR/USD is from neutral to positive, since the indicators suggest a rather calm day for the pair. The initial resistance is located at 1.3082, ahead of 1.3200 and 1.3324. Supports, on the other hand, may be found at 1.3041, 1.2917 and at 1.2800 as well.
The market forecast mean (0.9360) has been breached as the American dollar advanced on sound US consumer confidence.
USD advanced today as investors continued acquiring the US dollars against the yen on strong US consumer confidence.
The British Pound slumped today, crossing the market participants' target at 1.5612 as investors consider the UK economic prospects gloomy for the next quarter.
The common European currency continued its recovery versus the Yen as investors expect the Christmas rally will make the European retailers benefit from it; thus, the daily forecast mean at 101.90 has been hit.
EUR/USD pierced the daily forecast mean at 1.3053 as the US home prices felt more than expected.
In order to reignite bullish momentum and surge up to 0.9500/46 the currency pair has to penetrate resistance at 0.9400. Dips, however, should be limited by support lines located at 0.9320, 0.9200 and 0.9170.
The short term support is at 77.50, ahead of 77.12, while resistances may be found at 78.20/50 and 79.52. In case USD/JPY reaches a record low at 75.56 it is likely to rebound from this level and recover.
For the moment the pair is directionless, while its movement is being restrained by the boundaries of a 1.5778 - 1.5407 corridor. The initial resistance and support lines are at 1.5650 and at 1.5580, respectively.
Even though the current bias for EUR/JPY is rather bearish, a close above 102.48 could invoke a bullish movement that may extend up to 104.00/95, while a tough support area situated at 100.74/00 should prevent the pair from going lower.
From above the currency pair is capped by resistances located at 1.3118, 1.3160/96 and 1.3281, the latter being a key one. Since the outlook remains bearish for the price, the focus is on supports at 1.3053, 1.2947 and 1.2873.
The American Dollar - Swiss Franc currency pair hovers just above an immediate support line at 0.9356, while a subsequent level is at 0.9318 (22 day ma). In case USD/CHF surges, it will encounter resistances at 0.9381, while a key level is at 0.9545.
The price remains below a downtrend at 78.04, implying that the bearish impetus might strengthen, even though USD/JPY is currently underpinned by 77.96. Should the initial support be broken, 77.83 will be reached next.
The Cable has quickly sold off from 22 hour ma and is now heading toward 1.5596, which is likely to hold for some time. Although in the longer term this should be breached. A key resistance is situated at 1.5665.
While being capped by a cluster of resistances at 101.84 (22 hour ma and a downtrend), the pair is unlikely to show extensive rallies. On the contrary, it is expected to fall down to 101.76 first and then breach this level before stepping lower.
Resistance level at 1.3059 has successfully repelled EUR/USD currency pair, therefore the price is likely to dip down to a support located at 1.3041/38. In case the latter level is breached, the next target will be situated at 1.2950.
USD/CHF is trading higher after the US durable goods sales rose by 3.8% in November versus expected 2.2%, causing the market participants' forecast consensus at 0.9360 to breach.
The American dollar traded above the 78.00 level as investors remain confident the US economy is on the right of recovery, therefore the daily forecast mean at 78.13 has been approached.
The British pound slightly slumped on less than expected Mortgage Approvals; this indication of a weak property market caused the price to cross the daily forecast mean 1.5682.
The common European currency inched lower today on announcement the ECB might launch QE if the inflation risk occurs. The daily mean target at 101.99 has been pierced.
The market forecast mean at 1.3049 was not reached today as investors positively perceived the Italian vote on austerity measures.