EURUSD, GBPUSD, USDJPY Pivot Points, TA – Apr. 10 2015

EURUSD Daily Pivots

EURUSD dropped down to the previous lows of 1.06344 and as plotted by the median line, price action has been bouncing off the upper and the median line. Currently price is back to testing the upper median line after finding support at both the previous horizontal support and the median line. Failure to decline lower could see a shift of sentiment in EURUSD which could see a retracement rally in store. To the upside, the first resistance comes in at 1.07778 and until this level is breached, EURUSD remains biased to the downside. If the currency pair continues to fall, the next support comes much lower at 1.0507.

USDJPY Daily Pivots

USDJPY managed to break out from the falling price channel but has been struggling to break above the resistance of 120.26. Price briefly touched the upper trend line of the rising price channel and could see a test back to the broken resistance level for support. To the upside, momentum could see USDJPY push higher as long as the support holds any declines. To the downside, in the event USDJPY break below 120.26, we could expect to see sharp declines in store with the first support at 119.71 followed by 119.045.

GBPUSD Daily Pivots

GBPUSD failed yet again at the resistance at 1.495 which saw the currency pair fall sharply to trade back to the lower end of the range at 1.475 and 1.472. The break of 1.475 is indicative of further declines in store, with the potential to test down to 1.4635. We could expect to see a minor rally to test the broken support at 1.475 for resistance ahead of the decline to 1.4635.