EUR/JPY has just confirmed the monthly R1 at 132.19 as a reliable level, being unable to penetrate it at the very first attempt.
Pair is trading at 94 cents and although it is around 40 pips from the 200-day SMA, it seems to be the only technical level supporting the pair.
Pair remains choppy around the 100 JPY level.
Pair appreciated whole last week after receiving a bullish impetus from the Fibo 23.6% (mid-June start of July move).
Pair started the week with a clear intention to inch up higher, but did not manage to breach Fibo 61.8% (mid-June start of July move).
As it turned out, NZD/USD was not planning on bouncing off the down-trend line at 0.7960/16, but soared through the resistance and is now quickly advancing towards the monthly R1.
USD/CAD is still contained by the 55-day SMA from below and the 2012 high from above, it thereby remains side-lined.
The support at 0.9150/29 is keeping the Australian Dollar buoyant, but until now did not trigger a robust rally.
The bullish run of EUR/JPY stalled at the 132.19/131.57 resistance area, being unable to penetrate the monthly R1 that is reinforced by the weekly R2 and an upper Bollinger band.
Although pair breached the 100-day SMA yesterday and advanced 50 pips above it, it received a bearish impetus from the 55-day SMA and returned to the 94 cent area.
From the recent (5 trading days) developments it seems that major level at 100 JPY is having more impact on the pair than any other technical level.
Despite the negative aggregate outlook from the short term technicals it seems that pair is wiling to resume its recovery.
Pair seems to be trading sideways for the third day in a row and all of it evolves around the 200-day SMA.
The area created by the falling trend-line, 55-day SMA, weekly R1 and other studies continues to deflect NZD/USD's attacks, which have a low possibility of succeeding.
While the support at 1.0404, represented by the monthly PP level, proved to have low reliability, the 55-day SMA, currently at 1.0363, has successfully reversed the course of USD/CAD and pushed it towards 1.0447/32 that for now remains impenetrable.
AUD/USD is currently retracing from 0.9299/61 towards the former resistance at 0.9155/29.
Today's EUR/JPY daily bar opened just below the weekly R1, but the price is already 70 pips above 130.74 and is constantly putting significant pressure on the upper Bollinger band at 131.43.
Yesterday the pair dipped as low as 200-day SMA, but managed to advance by almost 100 pips since then and at the moment is testing 100-day SMA.
Pair has been struggling with the 100 JPY for the past three days.
Pair advanced by almost 200 pips after receiving a bullish impetus from the 20-day SMA.
Pair did not manage to advance above the Fibo 61.8% (mid-June till start of July sell off).
NZD/USD has already touched upon the monthly PP today, as a result of the currency pair probing the resistance created by the down-trend, weekly R1, 55-day SMA and an upper Bollinger band.
As suspected, USD/CAD turned out to be unable to breach 2012 high during the first attempt, a scenario suggested by some of the daily technical indicators, namely MACD, AROON and SAR.
It does not seem that the interim resistance at 0.9261 poses any threat to the current surge.