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CURRENCIES TECHNICAL ANALYSIS January.04

Euro

The euro faced further downside pressure on Tuesday. After a short-lived recovery in the Asian session the pair softened in the European and NY ones. Sellers drove the price to 1.0350 through 1.0450 and 1.0400. The resistance is seen at 1.0400, the support stands at 1.0350.

If the downward pressure persists the EUR/USD pair is likely to reach 1.3000 in the nearest time.
4_01_2017_eurusd
Pound

Sellers continued to dominate on Tuesday. The pound moved lower against the background of the US dollar strengthening. Sellers were dragging the price from 1.23 towards 1.22 during the day. The current resistance is seen at 1.2300, the support lies at 1.2200.

Bears met a barrier around 1.2200. If they succeed to break it through they may try to push the pair lower. The level 1.2100 may become sellers’ first target. We do not rule out a brief correction towards 1.23 on profit taking.
04_01_2017_gbpusd
Yen

Fresh buying pressure around the US dollar boosted USD/JPY to fresh highs. The pair gapped higher at the open and extended its bid tone afterwards. Traders pushed prices towards 118.00 and managed to pierce the level. Inability to hold on gains caused the dollar retracement below 118.00 level. The resistance is at 118.00, the support comes in at 117.00.

The 118.00 hurdle appeared to be a hard nut to crack. To resume its upbeat momentum buyers need to retake the level. Otherwise a fresh selling interest may lead prices to 117.00.

04_01_2017_usdjpy

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