USDJPY Analysis.
USDJPY is now in uptrend from 97.58, the fall from 99.94 is likely correction of the uptrend. Another rise to test 101.53 key resistance is possible after correction, a break above this level will indicate that the long term uptrend from 75.57 (Oct 31, 2011 low) has resumed, then the following upward movement could bring price to 110.00 zone. Initial resistance is at the upper line of the price channel on 4-hour chart, fail to break above the channel resistance will suggest that the pair remains in downtrend from 101.53, one more fall to 96.00 to complete the downward movement is possible.
EURUSD Analysis.
EURUSD is now in downtrend from 1.3344, the rise from 1.3189 is likely correction of the downtrend. Deeper decline could be expected after correction, and the target would be at 1.3100 area. Resistance is at 1.3344, only break above this level could indicate that the uptrend from 1.2756 has resumed, then further rise towards 1.3600 could be seen.
USDCHF Analysis.
USDCHF is now in uptrend from 0.9228, the fall from 0.9389 is likely correction of the uptrend. Further rise could be expected after correction, and the target would be at 0.9450 area. Support is at 0.9228, only break below this level will indicate that the downtrend from 0.9751 has resumed, then another fall towards 0.9000 could be seen.
USDCAD Analysis.
USDCAD’s rise from 1.0245 extends to as high as 1.0403, suggesting that the downward movement from 1.0608 has completed. Further rise would likely be seen, and next target would be at 1.0450 area. Support is at 1.0335, as long as this level holds, the uptrend will continue.
AUDUSD Analysis.
AUDUSD’s downward movement from 0.9317 extends to as low as 0.8847. Further decline would likely be seen, and next target would be at 0.8800 area. Resistance is at 0.9010, as long as this level holds, the downtrend will continue.
GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5433, the rise from 1.5102 is treated as correction of the downtrend. As long as 1.5433 resistance holds, the downtrend could be expected to resume, and one more fall to 1.5000 area is still possible.
