USDJPY Analysis.
USDJPY formed a cycle bottom at 76.29 on 4-hour chart. Range trading between 76.29 and 78.02 would likely be seen in a couple of days. As long as 78.02 resistance holds, the price action in the range is treated as consolidation of downtrend from 81.47, and another fall towards 75.00 is still possible after consolidation. However, a break above 78.02 will indicate that the bearish movement from 81.47 has completed at 76.29 already, then the following upward move could bring price back to 82.00-83.00 area.
EURUSD Analysis.
EURUSD’s downward movement extended to as low as 1.4151. Further fall could be expected in a couple of days, and target would be at 1.4050 area. Resistance is at the downtrend line on 4-hour chart, only a clear break above the trend line could indicate that the fall is complete.
USDCAD Analysis.
USDCAD continued its upward move from 0.9406, and the rise extended to as high as 0.9619. Further rise could be seen in a couple of days, and next target would be at 0.9650 area. Support is now located at the uptrend line on 4-hour chart, only a clear break below the trend line could indicate that the rise is complete.
USDCHF Analysis.
USDCHF continued its downward move from 0.8276, and the fall extended to as low as 0.7609. Resistance is now at 78.35, as long as this level holds, downtrend could be expected to continue, and next target would be at 0.7500 zone.
GBPUSD Analysis.
GBPUSD broke below the uptrend line on 4-hour chart, suggesting that the rise from 1.5781 is complete. The pair is now in downtrend from 1.6475. Deeper decline could be seen in a couple of days, and next target would be at 1.6150.
AUDUSD Analysis.
AUDUSD broke below 1.0911 support and reached as low as 1.0719, suggesting that the upward move from 1.0390 had completed at 1.1080 already. Deeper decline could be seen after a minor consolidation, and next target would be at 1.0600.
