USDJPY has moved strongly upwards, reaching the sensitive areas of 121.00 as seen on the provided daily chart.
The downside actions seen during the past couple of hours from this level are normal, as these areas are very sensitive and represent a strong resistance.
From here, we will be prudent and move into bullish just above 121.00 to affirm stability above moving averages.
Support: 120.00-119.60-119.40
Resistance: 120.60-121.05-121.80
Direction: Bullish above 121.00.
As we mentioned in our last update, the USDCHF succeeded in breaching 50% Fibonacci and that actuated bulls to take the pair higher.
Stability above moving average and moving above 61.8% are positive factors; therefore, we will be bullish today.
Only, a breakout below 0.9600 will damage the current upside wave, while hitting 0.9760-0.9780 will be a very positive catalyst.
Support: 0.9680-0.9650- 0.9630
Resistance: 0.9760-0.9780-0.9805
Direction: Bullish
EURUSD has showed some signs of correction following the sharp declines seen yesterday and that is normal price behavior.
The general downside movements may continue as far as trading remains below 1.1190, targeting 1.1050 and 1.0990..
RSI14 shows oversold signal, but we will neglect it as far as 1.1190, which is 78.6% Fibonacci holds.
Support: 1.1300 – 1.1250 – 1.1185
Resistance: 1.1385 –1.1405 – 1.1445
Direction: Bearish
We have witnessed some bounce from 50% Fibonacci at 1.5380, but the bounce was limited below moving averages and below 1.5450.
Moving below 1.5380 is required to keep the bearishness available and to bring back the negative signs on ADX and RSI.
On the upside, coming above 1.5450 will weaken the bearish scenario.
Support: 1.5380 – 1.5315 – 1.5235
Resistance: 1.5445 – 1.5505 – 1.5540
Direction: Bearish