The pair is nestled in a congestion area of old support and resistance levels. The range is currently 1.4050-1.4100. Based on average daily movements we can expect at least 90-100+ pips of movement outside of this this range.

Initial target for a downside break is 1.4000, beyond 1.3960 and 1.3920.

A push past 1.4100 would put the initial target at 1.4150 and beyond 1.4200 and 1.4225.

USD/JPY

The pair has rebounded in early trading after a fall yesterday. The 97.10 - 97.00 is the closest support area. A break of that level would likely pull the rate into the 96.50 area and beyond that 96.20.

The pair is currently pushing higher, and a break above 97.60 would target 97.80 and beyond 98.10 and 98.30 - 98.40.

Analysis by: http://www.Forexpros.com - Written by Cory Mitchell

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