NEW YORK (
) -- The
is on its way to a fourth week of weakness since losing upside momentum at the 1.4578 level on Jan. 13.
Since that date, the pair has taken out key supports at the 1.4216, 1.3831 and 1.3747 levels and is now threatening the 1.3600 level. Further lower level prices are expected in the days and weeks ahead.
has broken out of its broader sideways range (1.7041-1.5706) and taken out its strong support at the 1.5706 level. This bears' attack has left the pair vulnerable to the downside towards the 1.5351 level and then 1.5276 level.
is now trading almost flat after failing to maintain both upside and downside moves today. However, the pair remains susceptible to the downside while holding below the 91.27/86 level and its falling channel.
is also trading flat after testing a high of 1.0779 and turning back down during the U.S. session today. Nearer term risk still remains higher though it must break and hold above the 1.0743 level to trigger further upside recovery.
remains pressured to the downside having decisively broken and held below its key support at the 0.8733 level on Thursday. A follow- through lower saw the pair extending that weakness to a low of 0.8595 as at the time of this analysis. The next downside objective lies at the 0.8567 level.
continues to back off higher prices turning off the 0.8751 level today. It is currently trading flat as its recovery off the 0.8601 level is now looking tired and vulnerable. With a loss of the 124.37 level triggering further downside today, EURJPY was seen challenging its medium term target at the 121.76 level during the US session with a trade below there calling for further weakness towards the 119.06 level.
Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces
for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.