|EUR-USD @ 1.4360/64...200-DMA at 1.4172|
|R: 1.4487-4507 / 1.4559 / 1.4607-22|
S: 1.4280-69 / 1.4172
Euro continued to fall and now having traded below 1.4390 for large part of the day, it has rendered itself bearish for a fall towards the 200-DMA (1.4172). There's however an interim Support at 1.4280 which may be honoured this week and which may lead to a rally towards 1.45 before a fall towards the 200-DMA is seen. We shall have to see.
|USD-JPY @ 89.92/95...Resistance at 90.40|
|R: 90.40 / 91.00 / 91.54|
S: 89.70 / 89.20 / 88.75
Dollar-Yen fell during the day. Though it has risen from the low of 89.56, it is continuing to trade below 90 in a very narrow range of 89.80-90.00 over the last couple of hours. If the upside momentum seen over the last couple of days continues, a strong break above 90 might take it up towards the Resistance at 90.40. A break and a further upmove above 90.40 might take it further up towards the significant Resistance at 91.00. On the other hand if it continues to trade below 90, we might see a downmove towards the Support at 89.20 in the US session today. We may expect this Support at 89.20 to hold in the US session today. However, a break below 89.20 might pull it down towards 88.70-50.
|EUR-JPY @ 129.14/17...Max Low at 128.81|
|R: 130.00 / 130.53 / 130.83-131.10|
S: 128.81 / 128.19 / 126.56
The Cross has fallen further lower and did not rise towards 130.30 intra-day as we had anticipated. The Projected Max Low for the day is at 128.81 and beyond that at 128.19. A break below these Supports would mean a breakout of the range and will have to be studied further for bearishness. The Resistance in Dollar-Yen and the bearishness in Euro had it hard on the pair. Its constituents, Euro looks headed for a fall towards 1.42 over the next few days and USD-JPY may find difficult rising beyond 90.20-40. This may bring the Cross down towards 128.19 over the next couple of days. But even then, the range around 130 is likely to continue. Only that we might have to change the range a little to 128.00-131.50.
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