Technical analysis of USD/CAD for January 24, 2014 Trend News

General overview for 24/01/2014 07:50 CET

The important intraday support was violated yesterday and since then the price hasn't made any new high yet. This type of price action might suggest more complex corrective cycle developing or the beginning of a new impulsive wave progression to the downside.

To confirm any of this two possibilities, traders must wait for a new high or a new low to gain more clues about further price action.

Please notice that momentum is more and more weaker and bearish divergence is being seen on daily, H4 and H1 time frames.

Support/Resistance:

1.1172 - Swing High

1.1128 - Intraday Resistance

1.1089 - Intraday Support |WR2|

1.1037 - WR1

1.1017 - Technical Support

Trading recommendations:

The key level to watch is the level of 1.1128. If this level is broken to the upside, then long positions should be opened with SL below the level of 1.1088 and TP at the level of 1.1172. If this level is not broken, then short positions should be opened with SL just above the level of 1.1129 and TP at the level of 1.1089 and 1.1017.

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Technical analysis of EUR/JPY for January 24, 2014 Trend News

General overview for 24/01/2014 07:30 CET

Due to waves overlap, the main count has been invalidated and alternate count is the correct one.

Intraday waves progression suggests a possible triangle pattern forming within the wave X black, as long as the green trend lines are not violated. Otherwise, the sell-off might accelerate once the level of 141.02 is broken to the downside.

Support/Resistance:

142.90 - Wave b High

142.32 - WR1

141.75 - Intraday Resistiance

141.41- Weekly Pivot

141.02 - Intraday Support

140.30 - 140.49 - Technical Support

139.92 - WS1

Trading recommendations:

In case of the level of 141.02 breakout, the short positions should be opened with SL above the level of 141.41 and TP at the level of 140.49.

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Technical analysis of USD for January 24, 2014 Trend News

The weaker existing home sales and unemployment data makes the US dollar weaker. The US housing market sales jumped in December for the first time in 5 months. Total existing home sales increased 1% to a seasonally adjusted annual rate of 4.87 million in December, whereas 4.94 million units had been expected. Comparing with the year of 2012, in 2013, sales were higher than 9.1% strongest performance since 2006. Jobless claims rose by 1000 to 326,000 in the period ended January 18, as The labour department reported yesterday. The US dollar is trading at the lowest point in the week.

In the hourly chart oscillators show a buy signal for the targets at 80.7-80.8

Support- 80.35, 80.0.

Resistance- 80.77, 81.4.

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Technical analysis of gold for January 24, 2014 Trend News

Gold is in the first strongest intraday rally in the new year of 2014 trading at a 5-week high. Looking at gold chart, we see that this yellow metal has corrected for more than a year now. It seems gold could be making a triangle or a flat. As we have consecutive abc's in the daily chart. In the hourly chart, oscillators showing sell signal with an overbought indication. Yesterday, we recommended a buy call with sl at $1,230. After the existing home sales and unemployment data, fireworks started in gold and it made the strongest rally with all our targets met intraday. Today we recommend a sell call. If gold unable to cross the resistance level of $1,268, we can see new lower levels before it make a bottom.

Recommendation- Sell with sl $1,268, targets are $1,255 and $1,250, cmp $1,264.

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Technical analysis of USD/JPY for January 24, 2014 Trend News

There is no economic data to be released in Japan and the US today, so there is probability for this pair to move with low volatility.

TODAY's TECHNICAL LEVELS:

Resistance. 3 : 104.03.

Resistance. 2 : 103.83.

Resistance. 1 : 103.63.

Support. 1 : 103.38.

Support. 2 : 103.18.

Support. 3 : 102.97.

DESCRIPTION:

Please, pay attention to the levels of support 3 (102.97) and resistance 3 (104.03). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of EUR/USD for January 24, 2014 Trend News

When the European market opens, some economic news will be released such as Italian Retail Sales m/m, Belgian NBB Business Climate.The US will not release any economic data today, so amid the reports, EUR/USD will move low with medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3756.

Strong Resistance:1.3747.

Original Resistance: 1.3734.

Inner Sell Area: 1.3721.

Target Inner Area: 1.3688.

Inner Buy Area: 1.3655.

Original Support: 1.3642.

Strong Support: 1.3629.

Breakout SELL Level: 1.3620.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3642 and 1.3734. The rate is accompanied by strong support at 1.3629 and by 1.3747 as strong resistance.

If EUR/USD breaks out and closes below the 1.3620 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3756 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3655 and at 1.3721, a SELL position. In this case both targets should be placed at the level of 1.3688.

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of Silver for January 24, 2014. Trend News

Technical outlook and chart setups:

1. Gold rallied towards resistance at $1,267.00 yesterday. This surprising move also tested the dropping trend line resistance. It is still recommended to remain flat and watch for a reaction here.

2. Immediate resistance is still at $1,267.00/70, while supports are spread through $1,230.00/32.00, $1,220.00/10.00, and $1,184.00 respectively.

3. Structure reveals that once $1,267.00/70.00 resistance is taken out, a major correction should be expected towards $1,210.00/15.00; before the next rally materializes.

Trading recommendations:

Remain flat again, look to buy lower.

Good luck!

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Technical analysis of EUR/JPY for January 24, 2014. Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair remains unchanged since a few trade sessions, drifting sideways between 140.50 and 142.00. It is recommended to remain flat for now and initiate short positions around 143.00/50.

2. Immediate resistance is at 143.00, followed by 145.00/50, while support is at 140.50 (intermediary), followed by 138.50, 134.00 and lower respectively.

3. The structure reveals that a rally towards 143.00/50 should materialize. In case of failure at that level, the pair should be sold. A push above 143.00 would target 144.50.

Trading recommendations:

Sell on rallies into the 143.00/50 region, stop is above 145.50, target is open.

Good luck!

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Technical analysis of GBP/CHF for January 24, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair reverses just shy - by 20 pips - of the fibonacci convergence at 1.5145/50, as seen on the chart here. It is recommended to sell rallies from here on. The risk remains at 1.5180.

2.Immediate resistance is at 1.5140/50, followed by 1.5250, while supports are spread through the 1.47000/80, followed by 1.4550/60 respectively.

3. The structure reveals that a major top could be in place around the 1.5140/50 region. Coming below 1.47000 would confirm it. An Engulfing Bearish trade signal has appeared on the daily chart that indicates the next move is lower.

Trading recommendations.

Sell on rallies from here, stop is at 1.5180, target is open.

Good luck!

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Daily analysis of USDX for January 24, 2014 Trend News

Daily chart: Finally, the USDX was able to consolidate again below the 200 SMA, after it had found dynamic resistance at that level. Now, the USDX is consolidating below the level of 80.62. It is very likely that the USDX start forming a higher low pattern, to fall to the support level of 80.11. The MACD indicator is entering negative territory.

H4 chart: The USDX found resistance at the level of 81.29 and from there, the USDX had a profound drop to support level of 80.49. Previously, the USDX had formed a head and shoulders pattern, so that the change in the trend was imminent. The USDX is below the 200 SMA and if it manages to break the support level of 80.40, it's expected to fall to the level of 80.25. The MACD indicator is in negative territory.

H1 chart: The USDX is consolidating below the resistance level of 80.59, after having had a rather weak American session. Now, the USDX is forming a bearish pattern below that level. If the USDX manages to break the support level of 80.35, it's expected to fall to the level of 80.15. The MACD indicator is entering extremely oversold zone and in neutral territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.55.

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Daily analysis of GBP/USD for January 24, 2014 Trend News

Daily chart: The GBP/USD is consolidating above the level of 1.6540, after it has made a very bullish move vertically. If this pair manages to break the resistance level of 1.6663, it would be expected to rise to the level of 1.6851. Furthermore, this pair is forming a bullish pattern below the level of 1.6663, so that it waits for this pair make corrective movements. The MACD indicator is in positive territory.

H4 chart: During this week, this pair has formed 3 bullish patterns successfully and is expected to begin to form another one to continue rising to the level of 1.6700. If the pair manages to break that level, it is expected to rise to the level of 1.6795, which is very close to a bullish trend line. For now, we recommend caution when placing buy orders. The MACD indicator is entering extremely overbought zone.

H1 chart: The GBP/USD has consolidated above the point of control at the level of 1.6600, after this pair has made a breakout at the level of 1.6578. Now this pair is trying to break the resistance level of 1.6629. If successful, it is expected to rise to the level of 1.6700. However, it is expected that this pair perform slow movements during today's session, as the bullish trend is very strong and some oscillators have started showing overbought levels. The MACD indicator is in neutral territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6629, take profit is at 1.6700, and stop loss is at 1.6558.

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Technical analysis of EUR/USD for January 24, 2014 Trend News

Overview :

• The EUR/USD pair resistance was broken and it was turned to support at the price of 1.3653 yesterday (January 23, 2014), therefore the pair has already formed a new strong support at the 1.3653 level. Moreover, after it had closed above it today, the pair started signing the bullish market, Additionaly, It should also be noted that the RSI has still called for uptrend at the level mentioned before. Consequently, the price of the EUR/USD pair indicates a bullish opportunity at the level of 1.3656 with the first target of 1.3700 in order to form a double top, and continues towards 1.3748 above the weekly resistance 1, as well as to try hit the weekly resistance 2. However, in case of reversal takes place and the EUR/USD pair breaks through the new support level of 1.3653, thereupon the market will lead to further decline to 1.36 for today.

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Technical analysis of EUR/JPY for January 23, 2014 Trend News

General overview for 23/01/2014 15:50 CET

The corrective structure on hourly time frame is getting more complex and time-consuming as the price is rather close to invalidate the main impulsive count. The critical area for impulsive count not to be invalidated is between weekly pivot at the level of 141.42 and intraday support at the level of 141.20. Any breakout below this level means that the main count is invalidated and lower market prices are expected.

Support/Resistance:

142.90 - Swing High

142.32 - WR1

142.05 - Intraday Resistance

141.42 - Weekly Pivot

141.20 - Intraday Support

140.49 - 140.30 - Technical Support Zone

Trading recommendations:

Short positions should be opened only if the level of 141.20 is violated. In that case SL should be placed above the level of 141.42 and Tp should be placed at the level of 140.48.

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Technical analysis of USD/JPY for January 22, 2014 Trend News

Overview:

USD/JPY is under pressure. It is supported by positive dollar sentiment(ICE spot dollar index last 81.19 versus 81.09 early Wednesday), higher U.S. Treasury yields amid expectations that the Federal Reserve will continue winding down its bond-buying program at the end of its two-day meeting on Jan. 29, and ultra-loose Bank of Japan's monetary policy. The BOJ on Wednesday unanimously maintained its policy of increasing the monetary base at an annual pace of Y60 trillion-Y70 trillion and demand from Japan importers. But USD/JPY upside is limited by Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 103.5 in mind. A breach of this target will move the pair further downwards to 103.2. The pivot point stands at 104.5. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 104.75 and the second target at 104.9.

Resistance levels:

104.75

104.9

105.05

Support levels:

103.5

103.2

102.9

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Technical analysis of USD/CHF for January 23, 2014 Trend News

Overview:

USD/CHF is trading in a lower range and is expected to continue the trend. It is supported by positive dollar sentiment and a drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 36.4 in January from 39.4 in December. Daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing, but stochastics is bearish in overbought zone.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.9 in mind. A breach of this target will move the pair further downwards to 0.898. The pivot point stands at 0.9085. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.913 and the second target at 0.9155.

Resistance levels:

0.913

0.9155

0.9185

Support levels:

0.9

0.898

0.895

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Technical analysis of NZD/USD for January 23, 2014 Trend News

Overview:
NZD/USD is expected to trade in lower range. It is undermined by the Kiwi sales on rebounding AUD/NZD cross and positive dollar sentiment. But NZD/USD downside is limited by the hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is mixed as MACD is bullish, but stochastics is neutral, the bearish outside-day-range pattern was completed on Wednesday.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8255 in mind. A breach of this target will move the pair further downwards to 0.8225. The pivot point stands at 0.8355. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.839 and the second target at 0.8425.

Resistance levels:

0.839

0.8425

0.8455

Support levels:
0.8366

0.8225

0.8195

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GOLD analysis for January 23, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,247.98 on high volume. We can observe rejection on the high volume from our FR 61.8 % at 1,230.00 which caused an upward movement. Since the price has broken in the background the level of 1,254.00, we may expect testing of previous swing high at 1,260.00 and possible testing of major FE 100 % at 1,279.00-1,295.00. Do not forget, gold is in bearish trend and we are now in bullish corrective phase. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase, and we saw volume leveling off in the background. Watch for buying opportunities on the dips.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,241.58

R2: 1,243.42

R3: 1,246.40

Support levels:

S1: 1,235.62

S2: 1,233.78

S3: 1,230.80

Trading recommendation: Trading the metal, be careful with selling gold and try to catch bullish corrective phase.

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Technical analysis of GBP/JPY for January 23, 2014 Trend News

GBP/JPY is expected to trade in range. It is supported by demand from the Japan importers and buoyant USD/JPY undertone. But GBP/JPY upside is limited by the Japan exporter sales. Daily chart is mixed as MACD is bearish, 5- and 15-day moving averages are falling. but stochastics is bullish in oversold zone.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 173.65 and the second target at 174.15 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.25. A breach of this target will move the pair further downwards and one may expect the second target at 170.85. The pivot point stands at 172.25.

Resistance levels:

173.65

174.15

174.85

Support levels:

171.25

170.85

170.40

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EUR/NZD analysis for January 23, 2014 Trend News

Overview:

Since our last analysis, the EUR/NZD pair has been trading upwards,as we expected, the price tested the level of 1.6434 on very high volume. As you can see in the chart, after the selling climatic action at 1.6270, EUR/NZD started upward movement. Currently, we can observe strong demand on the market and selling looks very risky. Price has reached our second target level at 1.6400, and our next upper station is 1.6490 (previous swing high). Do not forget EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buying opportunities on the dips and try to catch bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6332

R2: 1.6354

R3: 1.6389

Support levels:

S1: 1.6262

S2 : 1.6240

S3: 1.6205

Trading recommendation: Be careful with selling the EUR/NZD pair,watch for buying opportunities and try to catch bullish continuation phase.

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Elliott Wave Analysis of EUR/NZD for January 23, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6499

R2: 1.6469

R1: 1.6438

Current spot: 1.6428

S1: 1.6392

S2: 1.6358

S3: 1.6320

Technical summary:

The corrective cycle from 1.6238 has become more complex than firstly expected. We do however think that a top is close and the next impulsive decline ready to take over again. However, to confirm that the next impulsive decline is developing, we need a break below support at 1.6320. As long as support at 1.6320 holds firm and protects the downside, we could see a little more upside towards 1.6473, but at no point a break above resistance at 1.6499 can be allowed.

A break below 1.6320 will call for a decline towards 1.6237 on the way lower towards 1.6127.

Trading recommendation:

We booked a nice profit at 1.6340. We will sell EUR again here at 1.6428 with a stop at 1.6505.

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Elliott Wave Analysis of EUR/JPY for January 23, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.90

R2: 142.64

R1: 142.42

Current spot: 142.17

S1: 141.88

S2: 141.46

S3: 141.03

Technical summary:

The failure to break below 140.92 followed by a break above 141.85 is quite a surprise and has opened up for a much more complex correction. We will look for resistance at 142.64, but the possibility for a break above resistance at 142.90 as long as support at 141.78 to protect the downside has become much more likely. That said, we will be looking for a possible top at 142.64 to end red wave ii for a decline below 141.78. A break below 141.78 will confirm that red wave ii is in place for a new impulsive decline. However, the risk is a break above 142.90, which will prolong black wave ii for a move closer to 143.17, before the black wave ii correction is finished.

Trading recommendation:

Stay short in EUR from 141.85 with your stop at 142.90. If you are not short in EUR yet, then sell upon a break below 141.78 with the same stop at 142.90.

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#USDX analysis for January 23, 2014 Trend News

The Dollar index has been rejected once more at 81.50 and this is not good for bulls. The index has broken its short-term trend line that supported the bullish trend. As we mentioned in previous posts, the 81.50 price level is the most important resistance as this was the previous important high. Bulls will need to break above it in order for the bullish trend to remain valid.

The Dollar index as shown in the chart above has broken short-term support. The rise from 79.75 is not a clear impuslive move. Important support level is 80.40. If price moves below that level then we could expect more selling pressures to arise. The index should find support at 80.40 and at 80.25.

The daily chart shows how the daily support level is being tested. If this is a one day correction, then everything is good for bulls. If however selling pressures continue, then we should expect the index to reach the 80.40 very soon. This important support. Short-term traders should not have open long positions as our short-term stop was hit when the index fell below 81.05 where our trend line was. Longer-term traders should have 79.75 as stop and look to buy after this pullback.

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Gold analysis for January 23, 2014 Trend News

Gold price has made a double top around the price level of $1,260. Short-term trend has changed to down as the price has broken short-term support trend line. There are more chances now that the upward corrective move from $1,180 is over than incomplete. We believe the top is in.

Gold price is making lower lows and lower highs. Short-term price has moved below both the purple trend line and the 34 MA. Short-term support is found at $1,230 and short-term resistance is found at $1,250. We remain bearish both in short- and long-term.

Price got rejected at the black neckline resistance and is now expected to make a downward impulsive wave. A daily close below $1,230 will confirm our bearish view. Making another new higher high towards $1,270 has now lost many possibilities. It is more probable to see the price move towards $1,200 which is our first target. Our longer-term target is $1,140.

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Daily analysis of Silver for January 23, 2014 Trend News

Overview

According to the shown H4 chart, the price’s close below the level of 20.20 yesterday gave new opportunities for sell-signals. Currently, the metal has already managed to break the support area to trade below it and open the way towards the level of 19.75 as the first target, then the metal should test the Support level of 19.50 to get more bearish move till reaching the support level of 19.15 as the second target. On the other hand, the metal's rebound from the Support level of 19.75 cancels bullish scenario.

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (20.00), S1 (19.75), S2 (19.50), S3 (19.15).

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Daily analysis of GBP/JPY for January 23, 2014 Trend News

Overview

Yesterday's closing below the Resistance level of 173.50 gave the price an opportunity for bearish move. As shown here, the price is trying to continue its bearish move by breaking the Support level of 172.20 and closing 4h below. In that case we may get another opportunity for more sell signals and it opens the way towards the level of 171.50, as the first target and the price should test the Support level of 170.50 afterwards to continue its bearish move. But as long as the price stabilizes above the Support level of 172.20, it cancels the first scenario.

Resistance and support levels: R3 (174.75), R2 (174.00), R1 (173.50), S1 (172.20), S2 (171.50), S3 (170.50).

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Elliott Wave Analysis of AUD/USD for January 23, 2014 Trend News

AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair has been trading upward, corrective wave ii (coloured blue)has completed the cycle from 0.8755 at the 0.8887 level, and we should see more downward movements inthis iii wave that is currently developing. In the 1-hour chart we can see that after the flat patternin the ii wave we have the strong sell-off in the AUD/USD, now while the price stays below the last high atthe 0.8887 we are going to look for a selling opportunity in this pair. In accordance with our waverules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define thepotential targets with measuring wave 1 with take profit at 0.8558 (100% of wave 1). The RSI indicatorshould provide a divergence at the end of the iii wave, so if we see a 5 wave move and divergence onthe 1-hour chart we are going to close our shorts before we see price at the 0.8558 level.

Support and Resistance
(S3) 0.8694, (S2) 0.8740, (S1) 0.8796, (PP) 0.8842, (R1) 0.8898, (R2) 0.8944, (R3) 0.9000.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That iswhy short positions at the level of 0.8810 with stop loss at 0.8887 and take profit at 0.8558 arerecommended.

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Daily analysis of major pairs for January 23, 2014 Trend News

EUR/USD: The levels at 1.3550 and 1.3500 are now being watched on the EUR/USD, for those levels remain our targets for this week. The market is bearish and it should keep on going downwards after the price leaves the current consolidation phase. The fundamental figures affecting the USD would surely have impact on the levels.

USD/CHF: The levels at 0.9150 and 0.9200 are now being watched on the USD/CHF, for those levels remain our targets for this week. The market is bullish and it should keep on going upwards after the price leaves the current consolidation phase. The fundamental figures affecting the USD would surely have impact on the levels.

GBP/USD: This market continues to go upwards. It must be noted that the GBP looks stronger than the USD while the EUR looks weaker than it. Eventually, the price may reach the distribution territory at 1.6600. One thing is valid: the Cable and the EUR/USD would soon go into a positive correlation. This means either the former would eventually go bearish or the latter would eventually go bullish.

USD/JPY: Both the bulls and the bears are whipsawed. This is because the market does not go in a vivid direction (although the propensity is towards the north). Long trades would still make some sense and the target is at the demand level of 105.00.

EUR/JPY: The condition here has not changed. In spite of the upswings and downswings of the price, the bearish outlook on EUR/JPY remains valid. Short-term rallies have been limited in the market and the bears are determined. The demand zone at 141.00 is to be broken to the downside so that the bearish run can continue.

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