GBP/USD continues to struggle above the 55-DMA ($1.6759) with the $1.6785-1.6842 region remaining key resistance. Bulls need to see a close above $1.6785 to ease bearish pressure a little and a close above the falling daily trend line off 2014 highs to confirm a break of the 21-DMA and shift focus back to the $1.6916-96 region. While $1.6785 caps bears initially target the 100-DMA and in particular a close below.
USD/JPY continues to oscillate around the rising 21 day upper Bolli (Y102.69) as bulls remain firmly focused on the Y103.02-104.13 region. Initial support remains around Y102.25 with bears needing a close below to confirm an easing of bearish pressure and a close below Y101.89 to shift focus to retests of the 200-DMA. While Y102.25 supports further oscillation around the upper 21 day Bollinger band is expected to continue.
The Y140.27-99 region where key moving averages are located remains key resistance for euro-yen with the pair having pulled back from this region on Wednesday to find itself retesting initial support. Bears need a close below Y139.36 to confirm an easing of bullish pressure and see the focus return to retests of the 200-DMA. Bulls need a close above Y140.99 to reconfirm bullish pressure and target the Y102.46 level.
The bounce back towards the Gbp0.8159 level briefly gave bulls some hope but having once again failed to close above the 21-DMA and test initial resistance the pair is looking heavy once again. Initial support is noted at Gbp0.8104 with a close below reconfirming bearish focus and targeting fresh 2014 lows. Bulls need a close above Gbp0.8159 to confirm a break of the 21-DMA and shift focus back to the Gbp0.8210-36 region.