Euro has seen a bearish tone against the American dollar through the Asian session

EUR/USD

Range:1.4775 – 1.4872

Support:1.4755

Resistance: 1.4905

Euro has seen a bearish tone against the American dollar through the Asian session. Following an open at 1.4824, the pair has been drifting south over the past few hours to stall at 1.4775. The European Central Bank is expected to signal its readiness to raise interest rates after its policy meeting on Thursday, and may prepare the market for a June hike. Support levels we look for 1.4755, 1.4649 and resistance at 1.4904 and 1.5058.

GBP/USD

Range: 1.6455 – 1.6522

Support: 1.6449

Resistance 1.6720

The Pound is under pressure this morning after falling nearly 200 pips yesterday, to reverse last week’s rally and turn negative in the medium term, with 1.6430 area offering support. Below 1.6430 area next targets we look for 1.6300 to 1.6275 with the upside at 1.6520 as this seems likely to cap rallies where we have good resistance that may well prove to be the re-entry point for sellers.

USD/JPY

Range: 80.81 – 81.07

Support: 80.70

Resistance 81.72

Despite the latest slide back below 82.00, we continue to retain a constructive outlook for the pair, so long as it holds above the daily Ichimoku cloud with 80.50 currently top of cloud and 80.15 the bottom. With only a sustained break back below the cloud would negate constructive outlook to test 79.75. Support at 80.70, 80.25 and on the upside, resistance levels are 81.72 and 82.35.

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