EUR/USD: Consolidating Under Resistance
The EUR/USD pair is consolidating after re-touching the 1.3400 highs. There is a lot of overhead resistance and it will probably fall temporarily with a target at the range lows at 1.3250. Eventually the bull-trend will probably re-assert with a decisive break above 1.3410 leading to a continuation up to 1.3490. There is substantial resistance from the 50-month and 200-week MA’s around 1.3520, which could stall further progress.
USD/JPY: Continuation Higher
The pair continues in an up-trend, making higher highs and higher lows. Whilst it has reached one possible upside target from the measuring gap and there is also tough resistance from weekly and monthly pivots 92.00 remains the primary upside target from the inverted head and shoulders at the ’11 lows. A move above the 90.30/40 would mark a continuation to 92.00. Alternatively, a break below 89.50 could see a move down to support at 88.45.
Analysis By: Forex4you Analyst - Joaquin Monfort.
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