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Euro Dollar - Indecision

Friday corrected a major portion of the move up on Thursday, and early trading this week has been mixed forming a range.

Minor resistance has formed at 1.4310 with further resistance at 1.4320.  A climb above will likely target 1.4350 followed by 1.4380 and 1.4400-1.4410.

Support is 1.4290, 1.4280 with a break below heading for 1.4250 and (if needed) 1.4220-1.4210.

False breakout are likely in this current climate.

USD/JPY - Over the Cliff

Early trading has sent the USD lower and below support at 93.20 and 93.00.  These levels will now provide resistance on the upside and a push above is likely to test 94.   A rise above 94 (unlikely today) warns of a bear trap.

The breakout lower has a target of 92.20.  Further support is in the 91.80 region.

Forex trading analysis by Forexpros - Written by Cory Mitchell

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