January 11 2022
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Yesterday GBPUSD fell back to support at 1.3530 after it failing to break 1.3600
While 1.3600/10 caps there is a risk of another attempt to break 1.3530 and possibly 1.3480 in extension, above 1.3610 opens up a run higher to 1.3650/60
USDJPY broke support at 115.60/70 was subsequent sold down to 115.10 support.
While the USD stays below 115.70 further losses are likely with 114.60/70 the target. Above 115.70 would likely see another test of last weeks 116.20/30 highs.
The EURUSD is finding some support at 1.1310/1.1300 after testing the downside in European trade yesterday.
1.1360 is immediate resistance this morning, that needs to be broken to allow further progress towards a target of 1.1390/1.1400. Another failure at 1.1360 would see a deeper pullback towards 1.1270 and possibly 1.1230 in extension.
Gold is trading again in familiar ranges back above 1800 on a slightly softer USD.
Resistance will be found next at 1808/1810 and then at 1820.
Support is at 1798 and 1790.1788
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