The following are the intraday outlooks for EUR/USD, and USD/JPY as provided by the technical strategy team at SEB Group.
EUR/USD: Targeting 1.0613 next. The range is getting unpack - in favor of the dollar. The prior low point and support at 1.0713 equals yesterday's bearish benchmark candle mid-body point and is thus first-hand resistance. The next hurdle to pass below is a short-term 127.2% Fibo extension ref and a mid-Mar reaction low in the low 1.06s. And if this levels fails to attract buyers, cycle low of 1.0475 (and the 161.8% Fibo projection ref just above) would be exposed.
USD/JPY: Over 120.75 would target 121.21/30. A short-term 'Equality point' at 120.75 is under pressure after support was again proven within the (still ascending) 55day exponentially weighted moving average band and after a bullish looking session close above the Fibo-adjusted short-term 'Cloud' yesterday. Should resistance fail to attract sellers, extension must be penciled in towards next attraction/resistance at 121.21/30. Key short-term support remains fixed at 118.71.
