The market switched the tone to bullish. After a five-day decrease the price reversed and recovered upwards. The pair bounced off 1.1000 and headed towards 1.1100. The resistance is seen at 1.1100, the support stands at 1.1050.
We will keep buying the euro if the price consolidates above 1.1050. A move below the level will return bearish sentiment.
Sellers were unable to move the price lower. The pair met a barrier in the 1.2100 region. The price bounced off the level and retreated towards 1.2300. The current resistance is seen at 1.2300, the support exists at 1.2200.
Once we break above the 1.2300 level, we think that the 1.2400 level will be next. A move below 1.2200 might force the pair to resume its downward trajectory towards 1.2000.
The tone was negative in the market yesterday. The pair gave up its recent gains and moved below the strong level 104.00. The resistance is at 104.00, the support comes in at 103.00.
The USD/JPY bounced off the 104.00 level and may try to regain it. Should the price succeed we will see it growing towards 104.30. A move below 103.00 will indicate that the current buyers’ phase is over.
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