March 25 2022
USDJPY made a high at 122.40. However, this morning the dollar has corrected lower towards support at 121.70 if broken you will see further weakness towards 121.40/30.
The downside pressure on the USD is likely to prevail, as long as we remain below 122.20. If we break back above 122.20 its probable we make a new high around 122.70.
Having failed to break support at 1.0970/60 the EUR is moving higher this morning, looking to test first resistance at 1.1040. Which if broken should see the single currency advance towards 1.1060/70.
Failure to break above 1.1040 would be a set back, and likely see the EUR slip back towards 1.0990 and possibly 1.0960 support.
GBPUSD failed to break support at 1.3180/60 and is now recovering back above 1.3200. However, the upside remains limited for the time being, unless cable can break back above 1.3240. Which if broken expect another attempt at the recent highs of 1.3280/90.
If we remain below 1.3240 expect more consolidation, or a drift back towards 1.3180/70.
This morning Gold is finding resistance at 1965/1966, which if broken will see another push higher to 1978/1980 or beyond.
However while 1966 resistance holds firm, you could see more attempts on support at 1956, which if broken it opens up a drop towards 1950 and possibly 1945.
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