USDJPY remains bullish
 

(Click on image to enlarge)

Consumer dollar remains in control of the pair, even though the recent rally took a breather. Coming off its multi-week high at 157.00, the pair is consolidating just under that level. A reversal would confirm mounting bearish pressure with 155.50 as a potential target should buyers start to exit their positions. On the upside, 157.30 is the first threshold to clear to expose November’s peak before a bullish continuation can take hold.
 

EURGBP stuck sideways
 

(Click on image to enlarge)

The euro slipped as worries about inflation kept the currency under pressure. On the chart, the price is attempting to pull back after reaching 0.8750. In the near term, the pair is still probing for support after intraday buyers decided to bail out. As the RSI moves towards the neutral area, 0.8710 is the next level to look for signs of stabilisation. On the flip side, the psychological level of 0.8800 is the hurdle the bulls need to clear to regain initiative.
 

XAU (Gold) remains in the zone
 

(Click on image to enlarge)

XAU (Gold) held onto the 4200 level as sentiment continued to shift in favour of the metal. The current horizontal consolidation is an opportunity for bulls to take a breather after last week’s drop. A close above 4240 would attract trend followers looking to ride the next phase up with 4300 as the psychological target. Any signs of exhaustion will see a test at the base of the current consolidation at 4180.

More By This Author: