The pair kept its rangebound stance unchanged on Tuesday. Prices went back and forth between 1.0600 and 1.0650 during the day. The resistance is seen at 1.0650, the support stands at 1.0600.
The exit from the current flat will determine further direction of the pair. A close above the range may generate fresh bullish signal for further advance towards 1.0700. Sellers might force the pair to resume its downward trajectory if they break the lower limit of the range.
A bearish tone prevailed yesterday. Bears tried to return control over the market and led prices lower. The price tested 1.2400 which appeared to be a solid barrier to break. The current resistance is seen at 1.2500, the support lies at 1.2400.
The overall tone remained bearish on Tuesday. Bears are trying to push the price lower. If they succeed the level 1.2300 may become sellers’ next target.
The USD/JPY pair remained flat yesterday. The price traded around its recent high at 111.00. Prices moved in a tight range during the day amid lack of any market mover. The resistance is at 111.00, the support comes in at 110.00.
Buyers seem to have hard times to push prices higher. The loss of the 111.00 level will point to a new period of downward movement to come. The level 110.00 is the next sellers’ target.
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