EUR/JPY currency pair should be capped for now by resistances located at 98.45, 99.45 and 100.77. Supports, however, may be found at 97.82, 97.28 and 96.15. Within the next three months the price is expected to drop down to 95.00/94.92.
Succeeding a recovery up to 1.2820/60 or 1.2974, the pair should recommence falling. The mid-term bearish outlook is thus likely to remain until 1.2530/88 is reached. Longer term target lies even lower, at 1.2083 (200 month ma).
The 0.9517 mark remained intact today and the pair crossed the 0.9500 level after the resignation of the SNB chairman.
USD/JPY remained flat today, piercing the market mean at 76.86 despite the emptying wholesale inventories in the US.
The British national currency continued yesterday's rally as annual BRC Retail Sales Monitor rose 2.2% comparing to '10 decline (-1.6%), touching the daily target at 1.5547.
The Euro added to gains on Tuesday, leaving the daily market participants' target at 97.92 intact as EU leaders agreed to come up with the EU Financial pact till January 30.
EUR/USD recovered after touching the daily forecast mean at 1.2747 after French Industrial M/M Production rose more than expected 1.1% vs. estimate 0.1%).
Bearish momentum strengthens and is expected to drag the price down to 0.9450. The latter level has little chance withstanding the pressure and should allow for a dip lower, down to 0.9407 or 0.9337/17.
Since USD/JPY is surrounded by tough levels it is anticipated to continue fluctuating within a narrow range. Resistances are located at 77.89, 78.76 (200 day ma) and 80.00. Dips on the other hand should be limited by supports at 76.60, 76.22 and 75.94.
The Cable has stabilised near a solid support located at 1.5345 and now is expected to commence inching higher, although resistances at 1.5671, 1.5717 and 1.5739 might hamper the upward movement.
Even though EUR/JPY presently recovers, this rally is unlikely to extend beyond 99.69 or 100.77. The overall outlook is bearish, as the currency pair targets 94.92 in the longer term, while supports at 97.90 and 95.90/40 will have to be dealt with first.
Current rally is seen as temporary, however, it is likely to extend up to 1.2820/60 or even 1.2995. Nonetheless, the long-term perspective remains bearish - the initial target is at 1.2530/88 while the pair is heading toward 1.2083/88.
The daily market forecast mean at 0.9546 has been successfully left behind as the Chairman of the SNB, Philipp Hildebrand, resigned.
The pair eased today and moved below the 77.00 mark as investors remain cautious regarding the latest macroeconomic data, released on Friday. The daily forecast at 77.05 remained intact today.
The British pound felt a relief today and broke through the daily forecast target (1.5437) as investors hope the EU leaders will come up with new measures to end the debt crisis in Europe.
The shared European currency started pairing previous weekly losses and pierced the daily forecast mean (98.11) as the German Chancellor Angela Merkel and the French president Nicola Sarkozy met to discuss further measures to tackle region's debt woes.
The pair recovered on Monday as the EU leaders met today to address the EU debt cross, causing the daily market participants' mean target at 1.2735 to breach.
After plummeting into 15 month lows, EUR/USD currency pair is expected to make an upward correction up to 1.2760/1.2820. However, the move is likely to be short-term, following which the price should recommence sliding en route to 1.2530/88.
Provided that USD/CHF gets a foothold above 0.9548/49, the outlook will be positive for the pair. The price will then surge up to 0.9774/84, while 0.9950 lies even higher. Supports at 0.9526 and 0.9484 should cover dips.
The pair has managed to stabilize ahead of 76.22 and is now gaining bullish momentum in order to try and pierce through a key resistance located at 77.89. In case the latter level is breached, subsequent resistances at 78.82, 79.67 and 80.00 will come into play.
Even though the Cable might attempt to stabilise near 1.5345 and star recovering from there, the rally is expected to be short-lived. The initial resistance and support level may be found at 1.5671 and 1.5363.
EUR/JPY currency couple is bearish at the moment, as it is being capped by strong resistances situated at 99.92 and 100.77. In order to reach its long-term target at 88.97 the price will have to penetrate supports located at 95.40, 95.00 and 94.92.
The market forecast mean for Friday (0.9449) has not been breached yet, though investors continued selling off Swiss Francs on strong jobs report, indicating that the labour market in the US is shaping up.
USD/JPY was trading in the 77/78 price channel as the EU debt concerns weigh on the massive purchasing of yens, touching the daily target at 77.03.