USDJPY
USDJPY failed to test the previous high resistance at 122.18 (Jan 29 high), the rise from 115.15 (Mar 5 low) reached 122.43 only, 3 points from 122.18. Short term top is formed, pullback towards the up trend line from 117.59 (Apr 19 low) to 119.46 (May 11 low) can be seen, a break below the trend line support will signal the reversal to the up trend and further fall below120.85 can be seen.
EURUSD
EURUSD broke above 1.3477 key resistance and bottomed at 1.3391 on 4 hours chart. Further rise towards 1.3540 can be expected. Near term support is at 1.3391, only break below this level will signal the resumption of the down trend.
USDCAD
No changed in our view, USDCAD is in down trend, the fall from 1.1167 extended to as low as 1.0548. More sharply fall towards 1.0500 is still possible in a couple of days. Near term resistance is at the down trend line from 1.1167 to 1.0834, and as long as the trend line resistance holds, down trend will continue.
GBPUSD
GBPUSD broke above the key resistance at 1.9899, further rise towards 1.9999 (May 9 high) can be seen. Near term support is at the up trend line from 1.9676 to 1.9733, and key support is now at 1.9733, only break below the key support will signal the resumption of the down trend.
USDCHF
USDCHF broke below the up trend line from 1.2199 to 1.2230 and topped at 1.2327 on 4 hours chart. Further fall below 1.2199 previous low to reach the next cycle bottom can be seen. Key resistance is at 1.2327, only break above this level will signal the resumption of the up trend.
AUDUSD
AUDUSD is testing the previous high resistance at 0.8351, further rise above this level to reach the next cycle top on 4 hours chart is still possible in a couple of days, and sideways consolidation can be seen after breaking above this level.
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