Since supports at 77.18/03 and 76.76/57 are unlikely to let USD/JPY to tumble, there is a great chance of the currency pair going as high as 79.46. In case the bullish momentum does not vanish then and 80.31 is overcome, further advancement is possible.
After a short stop at 1.5747, 55 day ma, the cable is likely to continue progressing up to 1.5883/88, although a strong resistance at 1.5965 may halt further advancement. From below the pair is supported by levels located at 1.5645 and 1.5500.
For now EUR/JPY is advancing and is anticipated to effortlessly pierce though 104.93, 55 day ma. Should the price climb above 105.10, the currently rally may continue until 106.80/107.00 is reached. Dips should be limited by supports at 102.70/48 and 101.95.
EUR/USD is expected to extend its correction up to 1.3608/15. Should the rally come through the latter level, the next tough resistance is at 1.3835/60. Longer term outlook remains negative with the focus on support located at 1.3209.
The market participants' target at 0.9144 has been touched as the US economy posted more-than-expected construction spending and ISM Manufacturing PMI, suggesting the American economic recovery is gaining pace.
The market participants' mean at 77.66 has been broken through as more investors purchased the American dollar versus Japanese yen on higher-than-forecast ISM Manufacturing PMI at 52.7, indicating the US economy is improving.
The British pound edged over the American dollar today as the Manufacturing PMI rose more-than expected, suggesting the UK economy is returning to a good shape, breaching the market mean at 1.5680.
The market participants' target at 104.20 was pierced today as the pair continued its rally after the markets got assured the European debt crisis will be resolved.
The common European currency moved higher today as investors turned positive on hopes that the EU leaders take bold actions to tackle the debt crisis. Thus, the market mean at 1.3422 has been breached.
Support at 0.9173 has been breached. This implies continuation of current pair's weakness down to 0.8950 and 0.8730/0.8654. Nevertheless, subsequent support at 0.8555/50 is very unlikely to give up should the dips extend lower.
From below USD/JPY is underpinned by a number of closely located supports at 77.20, 77.01, 76.78 and 76.59 creating an extremely strong zone. Consequently, the currency couple is bullish and is headed toward 79.46, just above 200 day ma at 79.39.
The cable is expected to extend its gains up to the levels of 1.5883/88 or even 1.5974, which in turn are likely to resist further advancement. After this rally the bearish momentum is anticipated to gain strength and drag the price down to 1.5330 and to even lower levels at 1.5272 and 1.5072.
Current rally which starter from the support level at 102.44 is considered to be temporary while the currency pair is capped by a strong resistance area located at 104.86/96. Dips should be though limited by support line at 100.77.
After an immense surge EUR/USD has bounced off a downtrend and is now again headed downwards. The initial target for the pair is situated at 1.3145, while en route to 1.20 the price will encounter 1.2860 support as well.
The bullish momentum continues as the US economy posed the largest change in ADR employment, indicating to investors the US economy is steadily getting back in shape. As a result, the market participants' consensus target at 0.9199 was reached.
The pair advanced today on strong US ADR employment change of 206K, bringing confidence to investors the American economy is gaining strength. The market mean at 77.93 has been crossed.
The British pound jumped higher today as the EU leaders agreed on expanding the European Financial Stability Facility (EFSF). This renewed wave of optimism on the markets caused a breach of the market mean at 1.5578.
The market participants' target at 103.83 has been approached as the pair commenced a recovery after the Fed made an announcement all central banks will lower the liquidity swap rates.
The single European currency advanced higher today after the major central European banks announced a cut of their liquidity swap rates, thus the market mean at 1.3338 has been pierced.
Test of a strong resistance situated at 0.9341/99 has triggered a sell off down to 0.9173, though an extension of this move is not expected. Eventually, attempts of USD/CHF are likely to succeed and the pair will finally climb over 0.9341/99.
USD/JPY continues to accelerate its bullish momentum. The next target is located at 78.40 ahead of 79.00. Though at first the initial resistance at 78.05 should be overcome. From below the pair is supported by a strong line at 77.50.
GBP/USD currency couple is currently moving upward, but is expected to struggle at 1.5700. The pair, nevertheless, may rise up to 1.5870. Since the price is rather bullish, supports are less likely to be tested, although in case of dips they will halt the price at 1.5570, 1.5535 or 1.5290.
The Euro - Japanese Yen currency pair is anticipated to trade within a narrow corridor formed by resistance area at 104.75/105.00 from above and 100.77 from below, as support at 103.08 has been recently breached.
From above EUR/USD is capped by an extremely tough resistance level at 1.3440 which is unlikely to be breached soon. In case support area located at 1.3265/50 fails to underpin the pair, dips may extend down to 1.3210, en route to 1.3150.