USD / JPY reached the minimum of 76.11 today. Intact at 76.42 with resistance, the bias remains bearish for further decline until at least 75.56. On the upside, the values ​​above 76.42 resistance will indicate the achievement of the minimum and will lead to a recovery of around 4 hours 55 exponential moving average (now at 76.84). In any case, the outlook remains bearish as long as 78.28 resistance is maintained and that can be expected further down the starting side.

In the long term at the moment, there are still signs on to a reversal of the trend for the USD / JPY although the strength of the down side is diminishing with bullish convergence condition in weekly MACD. USD / JPY remains below 55 weeks of the descendants of exponential moving average and also well below the 55-month exponential moving average. The rebound from a low of 75.56 and may extend further than to the psychological level of 80. This may be the end as a three-wave corrective rally. So, I will be better to consider the break of the 55 weeks of sustained exponential moving average (now at 79.40) before considering the case of a reversal. The break of 85.51 resistance will be confirmed. Otherwise, whatever happens from now on will be considered as a corrective and a possible fracture of the minimum of 75.56 at the psychological level of 70 will be even better.

The rebound in EUR / USD from 1.2625 minimum term was extended further during the last week to a maximum of 1.3233 at the time and has not yet reached the top. Initial bias remains on the upside this week and trading supported above the 38.2% retracement of 1.4246 to 1.2625 1.3244 to pave the way for the 61.8% retracement at 1.3627. This bounce is considered at the time as a corrective. The values ​​below 1.3077 support of reversing the downward bias for retest of 1.2625 at the minimum.

The price actions from 1.6039 are developing as a pattern of consolidation in the long term and are still in progress. The fall from 1.4939 is the leg downward in the plot. It remains difficult to anticipate the length of the leg of any complex corrective pattern. In addition, the price actions may remain unstable with momentum indicators to read the somewhat misleading. In any case, the framework generally favors even greater fall to 1.1875 support before completing the consolidation of the plot. However, a sustained trading above the 55-week exponential moving average (now at 1.3653) will pave the way for a test on the strength of 1.4939.

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