[Calxy]

EURUSD: The support area around 1.31 is still in place and the pair is turning back up within the rising channel. EURUSD will have to close below 1.3095 tonight to avoid a bullish monthly reversal pattern. Resistance at 1.38 may be tested in the short term.

Note that in February 1994 (a period being focused on recently in terms of market relationships and price action), EURUSD also posted a monthly bullish reversal pattern.

[Calxy]

USDJPY – Could it be more bullish than we thought?


USDJPY: Are we forming a reverse head and shoulders on USDJPY daily chart?? The neckline is at 98.85.

If the market rallies through there we could be talking about a target of s104+.

Note there are interim levels at 99.29 (200 dma), 100.50 (55 wma) and 102.17 (the original double bottom target). Note also that we saw a reverse head and shoulders pattern around the lows in January which indicated a rally throughout
February and into March.

EURJPY – Fallen to channel base


EURJPY: Channel support holds on EURJPY and the bounce back in EURUSD with the potential bullish monthly reversal pattern, and the reverse head and shoulders on USDJPY would strongly indicate an impressive rally ahead in EURJPY. The 200 dma target is at 137.92.