USDJPY trades in a range between 90.12 and 91.62. As long as 91.62 resistance holds, the price action from 91.20 is treated as consolidation of downtrend from 97.78, and deeper decline to 89.00-89.50 area is possible. However, a break above 91.62 will indicate that a short term cycle bottom has been formed at 90.12 and the downtrend from 97.78 has completed, then the following uptrend will take price back to 94.00 zone.
GBPUSD remains in short term downtrend from 1.6741 and the rebound from 1.6403 is more likely consolidation of downtrend. Near term resistance is now at 1.6566, as long as this level holds, downtrend will continue. However, above 1.6566 will take price to range trading.
AUDUSD remains in uptrend from 0.8543 and the fall from 0.8775 is more likely consolidation of uptrend. Further rise is still possible in next several days and target would be at 0.8800 zone. Near term support is now at 0.8640, as long as this level holds, uptrend will continue. However, below this level will take price back to re-test 0.8543 support.
EURUSD stays above 1.4641 support and remains in uptrend from 1.4177. As long as 1.4641 support holds, we’d expect uptrend to continue and further rise towards 1.4800-1.4850 area is possible in a couple of days, only fall below 1.4641 level will take price back to 1.4550 zone.
USDCAD’s downtrend from 1.0925 extends to as low as 1.0590. Key resistance is now located at 1.0729, as long as this level holds, we’d expect downtrend to continue, however, above this level will indicate that a short term cycle bottom has been formed at 1.0590 level already and the downtrend from 1.0925 has completed.
USDCHF is in downtrend from 1.0698. Deeper decline to 1.0200-1.0250 area is possible in a couple of days. Near term resistance is at 1.0368, as long as this level holds, downtrend will continue, only break above this level will take price back towards 1.0422 resistance.