EUR/GBP

The pair continues its down trend in a clear channel. Since its dramatic two days fall on the 18th and 19th of last December, the EUR has been trying to hold above the important 0.8334 support line but failed to do so. For now this 0.8334 line is a pivot resistance line before any push to the upside or even temporary correction.  Trading below the 0.8275 will trigger the next leg down for this pair with targets at 0.8250 and 0.7756, marking a two years low.

EUR/GBP
Support 0.8315 0.8334 0.8380
Resistance 0.8275 0.8250 0.7756

Gold

Following an impressive uptrend the gold price now awaits any nearby supports. Yesterday's price action broke the channel to the down side and held on the first Fibonacci line at 1228 (61.8%), and now the gold has enough space for correction with stronger support around 1220 (50% Fibo). As the gold’s technical picture remains complex and the latest up trend is just correction for a long term down trend, I expect the price to hold above the Fibonacci lines for now. As for today, if the price would hold above the first (1228) and second (1220) fibo lines, it will trigger the next leg up with targets at 1240 and 1250.

Gold
Support 1228 1219 1211
Resistance 1240 1250 1268

USD/JPY

Since the beginning of 2014 the pair trades in a correction mode, while the JPY fights back to retreat some of his 2013 losses. However, and as we mention in the past, it is a temporary and short lived correction. Yesterday’s price action combined with positive sentiment regarding the USD support the price around 103.93-104.22 and the bulls are back and taking control. On the 4h chart we see strong support area around 104.25 which holds for the first time since 2 weeks ago (24-26/12) and as of yesterday it still holds. A break above 104.9 resistance line will confirm the return of an uptrend.

USD/JPY
Support 104.5 104.22 103.93
Resistance 104.9 105.25 105.37