Yen Pushed To The Downside; Euro Declines Below 1.1220

USD/JPY

USD/JPY has been resisted as well in the 110.50 regions, which pushed it strongly to the downside, clearing 109.80-109.60 supports yesterday with a daily closing below them.

USDJPY Daily Chart

ADX shows clear bearish tendencies while RSI is turning downwards, and that could assist bears to resume the bearishness.

Another breakout below 108.90 followed by 108.60 will be a good sell signal over short-term basis.

We will be bearish today, aiming to re-test SMA20 at 108.40 first.

Support: 109.20-108.90-108.40

Resistance: 109.80-110.30-110.60

Direction: Bearish

USD/CHF

USD/CHF started to comply with the overbought signals on momentum indicators and RSI14 in particular, moving mildly to the downside.

USD/CHF Chart

Also, ADX started to reflect some kind of corrective tendencies, but trading above 0.9850 and 0.9825 regions prevent us from being bearish now.

The aforementioned supports could be strong enough to prevent the pair from collapse. On the other side, we need to see the pair trading above 0.9925 steadily to make sure that traders will ignore the overbought signals on momentum indicators.

We will be neutral now as risk versus reward ratio is inappropriate.

Support: 0.9860-0.9805-0.9780

Resistance: 0.9945-0.9980-1.0000

Direction: Neutral

EUR/USD

Euro declined below 1.1220 despite the weak movements, which keeps the bearishness available today.

EUR/USD Chart

The intraday bearishness targets 61.8% Fibonacci at 1.1125-1.1120, as a break below this level will affirm.

On the upside, a break above 1.1315 will cause failure, but we prefer to see the pair trading below 1.1285.

Support: : 1.1170 – 1.1125 – 1.1075

Resistance: 1.1220 –1.1285 – 1.1320

Direction: Bearish

GBP/USD

GBP/USD faces 1.4500, but it couldn’t trade below it, which is a negative catalyst since trading remains below SMA20 and SMA50.

GBP/USD Chart

The bearishness is valid today, but we need to see a break below 1.4435 to prove the bearishness on ADX and RSI.

On the upside, coming above 1.4555 will give us a reason for concern.

Support: 1.4435 – 1.4385 – 1.4330

Resistance:1.4500 – 1.4555 – 1.4605

Direction: Bearish

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