A bid tone which lasted 4 days lost its legs around the level 1.0850 yesterday. The price turned around and sharply fell breaking a bunch of levels on its way downwards. Sellers ran out of steam at 1.0600 where the pair stopped and formed consolidation. The resistance is seen at 1.0650, the support stands at 1.0600.
We will keep selling the pair if the price consolidates below 1.0600. Meanwhile we wait for a correction caused by profit-taking towards 1.0650-1.0660.
Sellers returned control of the flows. After touching the 1.2700 level the pair faced downward rejection. The pound fell to 1.2600 and even moved lower afterwards slowing down at 1.2550. The current resistance is seen at 1.2600, the support exists at 1.2500.
We believe sellers will continue to dominate in the market. Once we consolidate below 1.2600, we think that the 1.2500 level will be next.
The USD/JPY pair extended its upward momentum on Thursday. Prices bounced off the level 113.00 broke 114.00 and moved higher. Buyers lost strength at 114.50 where the price slowed down and slightly rolled back afterwards. The resistance is at 115.00, the support comes in at 114.00.
A break above 114.50 will keep bulls in the driver's seat. After breaking the mark buyers will aim at 115.00. A move below 114.00 will ease the current buying pressure.
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