March 23 2022
Strong demand continues to drive the USDJPY higher touching just above 121.40 this morning. However there are signs that a small correction is starting to take hold.
The initial target for a correction would be 120.80 and then 120.40 in extension. However, if the market breaks resistance at 121.40 you will see further advances to 121.80.
Gold is finding support from dip buyers at 1918/1916 this morning. However if this support is broken you could see further losses to yesterdays lows 1912/1910.
Resistance is found at 1926 and then 1932.
Cable finally managed to break above 1.3200 resistance yesterday and hit the initial upside target at 1.3280. If the Pound breaks 1.3280 the next target is 1.3340.
Strong support for the GBP will now be found at 1.3220/1.3200.
EURUSD recovered well off yesterdays lows at 1.0970/60. To keep the upside momentum the single currency needs to first break 1.1040, and then strong resistance at 1.1080.
Support is found first at 1.1010/1.1000 and then at yesterdays lows 1.0970/60.
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