A brief test of 0.9021/12 last week failed to initiate a strong rally, the price turned around ahead of the resistance at 0.9077/74.
After completing yet another bullish leg USD/JPY is undergoing a bearish correction at the moment.
Although the up-trend resistance line that connects the most recent peaks does not allow the currency pair to advance at an accelerated pace, the Euro still continues to appreciate relative to the greenback.
Despite the resistance at 1.6390 the Cable maintains the course toward 2011 high.
Pair continued to depreciate, but found support with the weekly S1 and returned above the monthly S1.
Pair continues to struggle with the resistance area around 1.060.
Pair seems to have stabilized after finding support at weekly S1/monthly S2.
As expected the pair continued to appreciate, but 2009 high is not willing to give up easily.
USD/CHF stays on a bearish path and thereby poses a real threat to the intactness of the demand area created by the monthly PP and the Feb low.
Although the very first attempt of USD/JPY to pierce through the resistance at 102.74/51 did not turn out to be successful yesterday, eventually the currency pair should violate this level and resume moving en route to the May high at 103.74, also the current location of the weekly R3.
Being that the Cable is approaching yet another tough obstacle, this time it is the Jan high and the weekly R2 at 1.6390/58, there is a fairly high possibility of a pull-back.
Given the recent behaviour of the currency pair, the resistance at 1.3627/19 (up-trend and monthly PP) is unlikely to nullify the current bullish momentum of EUR/USD.
Pair continues to depreciate and at the moment is testing 0.8123/16.
Pair extended it's gains after a bounce from the 1.0524, the failed to consolidate above 2013 high.
It seems that bears are capitalizing on their gains, but we do not expect that this will incentivize bulls to push the pair higher and cause a rally.
Pair took a step back earlier today, but found support with weekly R1, started appreciating again and at the moment is aiming at the 2009 high.
For the time being USD/CHF stays afloat above the monthly pivot point level, thereby preserving its chances to terminate the sell-off that was initiated after a spike up to 0.9248.
Successfully using the up-trend support line at 101.26 as a springboard, USD/JPY was able to pierce through the 101.88/80, consisting of the monthly R3 and the weekly R1.
Given that a key falling resistance line has been broken (it has been keeping the pair in the down-trend for more than four years), there is a good opportunity for GBP/USD to extend the gains.
EUR/USD keeps on slowly approaching an important resistance level at 1.3627/19.
Despite the density of the support area between 0.8137 and 0.8075, which contains the long-term moving average, 2012 Q4 lows and the monthly S1, the New Zealand continues to grind lower.
USD/CAD has just confirmed 1.0527/10 as the nearest support and is thereby well-positioned for extension of the up-leg.
AUD/USD continues to move south, but is about to encounter the demand area at 0.9082/32, which is mainly created by the monthly S2 level.
Although previously the monthly R2 was able to contain the rally of the currency pair, today the rate jumped above it and is already testing the weekly R1 level.