Indicators suggest further advancement of the pair while it is supported by strong levels at 76.82/63 and 76.22. On the way toward 80.31 USD/JPY will encounter resistances at 78.27, 79.10, 79.41/46, 79.57 and overcome them.
Although bearish impetus is weakening for now, GBP/USD is anticipated to reach a mark of 1.50 within the next 3 months. The immediate resistance is located at 1.5585, followed by 1.5600 and 1.5710, while supports are at 1.5425 and 1.5347.
Penetration of a support at 103.80 implies a possible slide down to 100.77, where the currency couple is likely to consolidate. While recovery is limited by resistances at 104.75 and 105.00, dips should be halted by 100.77/00.
For some time 1.3145 will provide sufficient support, although in the long-term it is expected to be eroded. Subsequent targets then will be 1.2860 and 1.20. Rallies should be capped by resistances at 1.3454 and 1.335/80.
The pair pursued its latest rally as investors continued buying the US treasuries as the European debt crisis is getting worse. Forex traders should be aware of resistance 3 at 0.9316 and support levels at 0.9167, 0.9129 and 0.9067 respectively. The daily market bias is strongly bullish.
The Japanese Yen depreciated against the American Dollar as at the moment investors are in favour of USD as a safe-haven currency, leaving the market mean behind at 77.14. All three resistance levels (77.30/42/68) have been breached while none of the support (77.03; 76.88/62) lines remained intact today. The daily outlook stays neutral for the rest of the trading day.
The British Pound moved lower today as the European economic conditions deteriorated, spooking confidence among investors the debt problems will be solved any time soon. Hence, the market mean at 1.5507 has been breached. None of the resistance (1.5537/99; 1.5695) levels has been tested so far, though investors might be aiming at support 2 (1.5407) and 3 (1.5312) as the daily outlook remains strongly bearish.
As the European debt woes worsen, investors continue purchasing the Japanese yen versus the single European currency, piercing the market mean at 102.98. Investors should consider resistance lines at 103.32, 103.76 and 104.51, and closely watch the last support levels at 102.25 and 101.50. The daily trading signals point at a continuation of the bearish trend up front.
The Euro moved lower today as the German m/m import prices and Italian m/m retail sales inched lower as the European debt crisis worsens, breaching the market mean at 1.3354. None of the resistance (1.3388; 1.3448; 1.3543) levels has been breached yet while a cross of support 1 and 2 at 1.3292 and 1.3256 exposes the last barrier at 1.3160 for Friday. The daily stance remains bearish.
Present bullish impetus is expected to drag the price rather high - up to 0.9317 and ultimately up to 0.9341/99 where the latter level is likely to act as impenetrable impediment. Supports, on the other hand, lie at 0.9120 and 0.8555/50.
From below USD/JPY is underpinned by supports situated at 76.90/84, 76.22 and 75.94 thus dips are unlikely to appear on the chart today. The pair is anticipated to act bullishly in the future and advance towards 79.56 and then 80.37.
The currency couple is gaining bearish momentum as it has already penetrated 1.5463. The following marks at 1.5330 and 1.5272 will soon be reached. The long-term target is at 1.5050. Upper spikes should not extend above 1.5635 and 1.6008.
EUR/JPY has come under 103.08 support which implies the increasing possibility of a pair declining down to 100.77 in the nearest future. Rallies should be capped by a rather strong resistance area located at 104.75/105.00.
Regardless of the fact that some of the indicators suggest possible reversal, EUR/USD is expected to maintain its current direction - down. The initial target is located at 1.3284, while subsequent goals are 1.3145 and 1.20.
The shared European currency is under pressure as the EU leaders split up on finding a common long-term solution, thus the market mean at 1.3381 has been breached. The resistance (1.3476; 1.3609; 1.3820) and support (1.3265; 1.3187; 1.2976) levels remained intact today. The daily trading signals point at a continuation of the bearish trend.
The mean target at 103.98 was not tested today as EUR/JPY continued pursuing the downtrend on renewed hopes as the European debt crisis is threatening the core European economies. Investors should take into consideration the last two support levels at 102.36 and 101.29 whereas all resistance (103.80; 104.50; 1055.7) remained intact today. The daily market outlook is strongly bearish.
GBP/USD has approached the market mean at 1.5547 as the European regions economic conditions are deteriorating. None of the resistance (1.5618; 1.5717; 1.5877) and support (1.5458; 1.5396; 1.5235) levels has been breached. The daily trading signals indicate a strong bearish momentum ahead.
The American dollar inched lower today versus the national Japanese currency as at the moment investors are in favour of USD as safe-haven currency. As a result, the market mean at 77.28 remained untapped today. Investors should closely watch the resistance (77.59/91; 78.57) and support (76.94; 76.60; 75.95) levels and follow the latest global economic developments. The daily outlook is neutral.
The pair inched lower today as investors turn to the American dollar as safe-haven currency on strong US macroeconomic data release today. Resistance 2 (0.9220) and 3 (0.9299) might be tested next whereas all support (0.9098; 0.9063; 0.8984) levels remained intact today. The daily market bias is neutral.
As long as the pair floats above a key support at 0.9094 and a strong area situated at 0.8555/50 the outlook will be positive. In the meantime the initial target for USD/CHF is 0.9317 while it is en route to 0.9341/99.
The American Dollar is expected to commence appreciating relative to the Japanese Yen soon thus driving USD/JPY price towards key resistance levels at 79.56 and 80.37 which must be overcome in order to confirm further advancement.
The cable carries on declining and aims for 1.5463 at the moment. As soon as the latter level is breached, consecutive supports at 1.5272 and 1.5050 may fall victims to the bearish impetus within a longer time period.
Neither bullish nor bearish momentum is likely to appear on EUR/JPY chart for some time, as resistance at 106.80 and support at 103.08 should halt any movements of the price. Therefore EUR/JPY is anticipated to base upon 103.08 and continue trading sideways.
While rallies are limited by resistance levels at 1.3526 and 1.3835/80 the currency pair shows further weakness after piercing through 1.3360/80 support. EUR/USD is thus expected to slide down 1.3281 within a short-term, while 1.20 remains as the long-term target.