Majors are quiet after European opening, with Euro setting a fresh high for the day, a few pips away from previous one. USD/JPY however, come back quickly from the 90.40 level, and addressing to the 91.00 area again. Seems we are up there, with a good target at the 92.60/93.00 area. Clearly above that level, 95.00 will come into play in the midterm. As long as above 90.00, seems pair is ready for a good upside correction.

Risk aversion has made of Japanese yen the main beneficiary of the situation. Against dollar, Japanese yen reached the Y94.07, and the pair remains under key 94.30, 50% retracement of the weekly rally 87.10/101.44. Daily close under this level, could signal further falls with 92.60 as probable target for next days, 61.8% of the mentioned rally. Immediate support levels lie at 94.00 zone, followed by 93.85, May 22nd low, and 93.30, Feb 19th low. Above 94.30, resistances lie at 94.65 and 95.10.EUR/JPY, now around 131.00, is holding just above daily 100 SMA and technically oversold, thus downside pressure remains intact. Immediate support comes at 130.40, today’s low, followed by 130.00 and 129.60 zone. Above 131.40 next resistances will be at 131.90 and 132.55.

GBP/JPY hovers around 151.50, previous strong congestion zone. Also oversold, yet with no technical signs of reversal, break under today’s low at 150.96 will send the pair close to psychological key 150.00 level, followed by 149.60, static congestion zone. Resistance will lie at 151.80, 152.40 and 153.00 

Wall Street opened to the downside, with Dow Jones barely holding above 8200 while be aware, S&P break under 900. Japanese yen accelerates and yen crosses are quite bearish at the time, with no signs of halting yet. Usd/Jpy key level to watch is 94.40; Gbp/Jpy has almost no support until strong 151.60 zone, while Eur/Jpy should halt around 131.30/50 zone.

Sorry for the lack of post today! I’m having some issues here with the software to edit and publish the blog. You can check today’s levels in this hourly report I write an hour ago.

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-06-15.v03.html

Let’s see if i can add some more in the next hours!

EUR/USD Current price: 1.3622

 Pair is tending lower after worst than expected data both in Europe and the U.S. trigger some risk aversion across the board. Both Momentum and RSI cut their central lines and kept the bearish slope suggesting further losses in the pair, thus 1.3557 remains the key level to the downside, and only a clear break under could trigger more sells in the pair. Price is under the 20 SMA that lost bullish slope and turns flat, better see it turning down. Break under mentioned key level could drag the pair close to 1.3470 in the term, 200 EMA.
Support levels: 1.3686 1.3657 1.3610
Resistance levels: 1.3648 1.3690 1.3710
GBP/USD Current price: 1.5120
BOE’s statement triggered a downside rally that halted around just around the 1.5115 tough zone we have been following these past days. Also in that zone, we have an ascendant 4 hours trend line coming from the 1.4702 lows, and the pair is having a hard time to break under. Indicators in the hourly seem exhausted, suggesting a probable upside correction in the line holds. 20 SMA has turn bearish and bigger time frames support further losses in the pair. Watch for a confirmation under this zone.
Support levels: 1.5110 1.5080 1.5015
Resistance levels: 1.5148 1.5190 1.5245

Full report and charts, could be seing following this link:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-05-13.v03.html

Here is the link to the majors technical hourly report:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-04-30.v03.html

Both Gbp and Japanese Yen, are breaking or close to break upside ranges: Gbp around 1.4660, barely 3 pips above it, better if moves above 1.4680, attemping for a short term rally to 1.4710/30 zone. Japanese yen fighting around 98.60 (seems 98.45 cleared), also better if above 98.77/85 to retest th 99.16 zone. Euro is fighting with a descendant trend line in 4 hours charts, coming from yesterday’s hig, around 1.2670/80. Candle opening above favor more buying in the pair.

In a few minutes, Dow Jones will open, and the index is weighting to much to be ignored: being at this lows, is expecting to open to the upside, mostly to due to the financial giant Citigroup, that is considering putting itself on the block. That will probably mean the Euro will find some strength to continue to the upside in the short term, and seems above actual maximum we could see the pair running to 1.2680. The pair Usd/Jpy will probably also move to the upside, being 95.50/60 the first important resistance level to consider. On the other hand, i see Gbp too week to even attempt to rise, but you now, maybe will follow the crow. Of course, if Dow Jones breaks to the downside, again consider that Usd dollar and Japanese Yen, will be the overall winners. I will try to add short posts as long as I see interesting options in the market!