Tools:
Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Fibonacci Study
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance

EUR/USD Pushing towards 1.3010 in Corrective Rally
Resistance 1: 1.30-1.3010(23.6% retracement - cracked) ; R2: 1.3050
Support 1: 1.2875; S2, 1.28
EUR/USD

- The EUR/USD is still consolidating
- It did reach, and crack the 1.3010 level. There was an initial engulfing candle that was immediate retraced more than 61.8%. The correction rally looks like it will be heading towards the 1.3050 pivot.
- This rally is not a convincing rally, and suggests it is a correction rally, so continue to wait for a top for the bearish scenario. If the 1.3050 area serves as resistance and we see a strong bearish candle that breaks back below 1.2950 area, we have a bearish continuation signal towards 1.2875, then 1.28.

GBP/USD Tests Resistance at 1.5650 Area
Resistance 1:  1.5650-1.5660; R2: 1.57-1.5710; R3: 1.58-1.5825
Support 1: 1.5490; 1.5450; S2: 1.54-1.5410; s3: 1.5350
GBP/USD

- The GBP/USD is at the 1.5560 level, and is cracking it. IF the C wave and A wave are equal in strength, we can see this rising wedge we have on the right extend to 1.5710 area (38.2% retracement).
- Let's see if we find topping action there. It will be important for a strong bearish candle to break back below 1.5560, and then the 1.5590 support as well as the rising trendline for a target of 1.5400, and aggressively 1.5350.
- GBP/USD's strength looks very unconvincing and I would refrain from looking for a bull run even with a break above 1.5560 because the bullish momentum is not there. (RSI in 1H and 4H has not tagged 70).

USD/JPY Forms Flag Pattern after Correction
Resistance 1: 83.60-83.70; R2: 84.40-84.50
Support 1: 83.00; S2: 82.65; S3: 82.37
USD/JPY
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The USD/JPY is possibly ready for a bullish continuation after a clear (a)(b)(c) correction to a clear (1)(2)(3)(4)(5) bullish impulse count.
- Conventional chart pattern term would be a flag here, and a break above the pattern (happening now), as well as a break above 83.70 will confirm a bullish attempt to 84.40-84.50 resistance.
- Above that is the 86.00 target. Until a clear break above 83.70, there is the risk of a complex correction.

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Fan Yang CMT
Chief Technical Strategist
FXTimes

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis./