EURUSD, GBPUSD, USDJPY Pivot Points, TA – June 2nd 2015

EURUSD Daily Pivots

EURUSD (1.093): EURUSD saw a bearish day yesterday after posting three straight sessions of gains. But the single currency remains well supported above the support at 1.0825 indicating a bias to the upside. On the intraday charts, price action has been hovering near the break out level of the trend line and despite trading below the break out level, the currency is still supported above the previous lows at 1.082. A confirmed close above 1.095 will see the EURUSD looking to target the 1.1135 through 1.117 resistance level. To the downside, a break below 1.082 will see a continued declined lower towards posting new lows.

USDJPY Daily Pivots

USDJPY (124.61): USDJPY saw another successful bullish day yesterday with price action closing above 124.775. The large triangle pattern on the daily chart points to a measured move target towards 125.4 and we expect the bullish move to potentially end at this level. On the intraday charts, price looks to have found minor support at 124 and any dips to the minor rising trend line could see prices being supported in order to push towards the final target of 125.4. A break below 124 will however see a short term correction take place which could see price action push lower to the major rising trend line.

GBPUSD Daily Pivots

GBPUSD (1.5206): GBPUSD continues with its declines as the daily candlestick yesterday looks to have closed below 1.5237 support level. On the intraday charts, price action is however near a strong support where there is a strong confluence of the horizontal support at 1.52 and the lower trend line of the falling price channel. Any bounce from here could see GBPUSD rally to test the broken support at 1.545 - 1.551 for resistance. A close or a break below 1.52 will however see the GBPUSD head lower, targeting 1.50 support.