GBP/USD has sold off towards and held above its one year uptrend at 1.6089. We would allow for a small rebound from here. However we do not believe that the market will struggle to reassert the long term bull trend.
EUR/USD continues to creep slowly higher. We note the daily RSI looks to be attempting to base but we view near term corrective rallies as limited. The market has recently charted an outside day to the downside (Friday), and a key week reversal. Intraday rallies will find resistance at 1.4341 and should now remain capped by 1.4425/65.
USD/JPY has eroded the 38.2% resistance at 81.85 and tested the 82.25 55 day ma, which has held the initial test. We would allow for some consolidation prior to tackling the 200 day ma at 82.77. Above 82.77 should be enough to retarget the more important 4 year downtrend at 84.49.
EUR/JPY continues to look like it has based at the 200 day ma at 113.02. It has rallied over the past few days but has yet to clear the 55 day ma resistance at 117.27. Nonetheless we believe that it will conquer this resistance to retarget the 120.02 resistance line.
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