Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

EUR/USD: Neutral: Daily closing below 1.0990 would shift outlook to bearish.

The anticipated pull-back from the recent high of 1.1375 has been more resilient than expected. The overnight low of 1.1000 head just above the key 1.0990 support. Undertone remains weak and a daily closing below 1.0990 would suggest EUR could extend its weakness towards the next support at 1.0850.

Overall, this pair is expected to remain under pressure unless it can reclaim 1.1130 in the next few days.

GBP/USD: Bearish: Take profit at 1.3930.

While we have been bearish GBP since last Wednesday, the pace of the down-move took us by surprise. The major support at 1.4080 was easily breached with a low of 1.4057. The outlook is still clearly bearish and the next support below 1.4055/60 is near 1.3930.

Those who are shorts should seriously consider taking some profit as this is a major weekly support and may not break so easily.

AUD/USD: Change to Bullish: Early stages of a bullish phase, immediate target 0.7325/30

As highlighted several times in recent updates, the undertone for AUD is positive as long as above 0.7065/70 and a daily closing above 0.7200 would confirm the start of a bullish phase. We have the confirmation overnight and from here, the immediate target is for a move to the late December high of 0.7325/30 (next resistance is at 0.7385).

In order to maintain the current momentum, any pull-back should above 0.7170 but only a break below 0.7130 would indicate that our bullish view is wrong.

NZD/USD: Change to Neutral: Bullish only upon daily closing above 0.6750.

The recent bearish expectation for NZD was wrong. The short-term up-move is gaining momentum but only a daily closing above 0.6750 would shift the current neutral outlook to bullish.

In the meanwhile, this pair is expected to remain underpinned as long as it can hold above 0.6625.

USD/JPY: Neutral: In a broad 112.00/115.00 range for now.

While we continue to hold a neutral view, the sharp drop last Friday is gaining momentum and a daily closing below 112.00 would shift the current neutral outlook to bearish.

In the meanwhile, a snap back to higher level will not be surprising but a move above the key resistance at 115.00 is unlikely, at least not for the next several days.

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