Price:   141.68

Bias:     While 142.20-30 caps I feel the downside can be strong for 140.27-46 at least and maybe even the 138.24 low…

Daily Bullish:

I am more bearish here and it's only the short term that causes me any doubt as ideally I'd like to see USDJPY at 92.25. Otherwise we are looking at a correction lower in USDJPY and continued losses in GBPUSD. Thus, only a break above the 142.30 area followed by 142.66 would retest the 143.21 corrective high. This needs to break to generate follow-through to 143.60 and 144.55...

MT Bullish:

19th February:        We now need a break above the 143.21 corrective high to see a rally above 143.60 to the 144.46-64 area. This should cause a reversal lower.

Daily Bearish: 

The downside is more at risk and could well prove quite strong. I see resistance at 142.20-30 which ideally should cap for losses. A break below the 91.70 area in USDJPY could well trigger direct losses while GBPUSD remains bearish. Here a move below the 141.46-54 area could be the catalyst for stronger losses through 141.14 and 140.96 to reach the 140.27-46 area initially. This could cause a pullback but overall the 138.24 low is implied.

MT Bearish:

 19th February:     It looks as if we're seeing losses and these should reach the 138.24 low quite quickly I feel. It may cause a correction but overall I will expect a new low.

For access to my daily support & resistance levels please see the Daily Forecast page of my web site
For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+85 pips)