The pick of the day is USD/JPY, as Mr. Japan dances against Ms. USA and never fails to fulfill my predictions. As we predicted last week, the pair headed back up again right at the 50% Fibonacci level and now entering the prevailing Ichimoku cloud. The RSI is heading up from the neutrality area on the Daily dance floor and we could see more gains towards 104.129 and 105.440. I entered a bullish position at 101.381 and currently counting pips when I can’t fall asleep at nights. If the pair suddenly decides to go nuts and break below 100.3, that would turn our bullish outlook to bearish, with 96.38 and 94.077 at alternative targets.

Absolutely nothing important going on the fundamentals side today as the European banks are on a holiday, but we do have some important numbers coming out rest of the week that are worth watching out for. Don’t you worry, we got you covered in the coming days.

On a different exciting news, Money Fax has written an incredible article on forex trading and Invest Diva that I’d like to invite you to read after you watch today’s video:

It’s a Woman’s Market: A Revealing Look at Forex Through the Eyes of an Invest Diva

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Intraday Forex Technical Levels

Our preference: Short positions below 1.3865 with targets @ 1.379 & 1.3775 in extension.

Alternative scenario: Above 1.3865 look for further upside with 1.388 & 1.3905 as targets.

Comment: Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Supports and resistances:
1.3905
1.388
1.3865
1.3828 Last
1.379
1.3775
1.375

GBP/USD Intraday: key resistance at 1.6845

Our preference: Short positions below 1.6845 with targets @ 1.677 & 1.675 in extension.

Alternative scenario: Above 1.6845 look for further upside with 1.69 & 1.6945 as targets.

Comment: The RSI has struck against a major resistance around 70% and is reversing down.

Supports and resistances:
1.6945
1.69
1.6845
1.6815 Last
1.677
1.675
1.6715

Our preference: Long positions above 102.3 with targets @ 102.70 & 102.95 in extension.

Alternative scenario: Below 102.3 look for further downside with 101.85 & 101.65 as targets.

Comment: The RSI is mixed with a bullish bias.

Supports and resistances:
103.2
102.95
102.70
102.525 Last
102.3
101.85
101.65

USD/CHF Intraday: bullish bias above 0.88

Our preference: Long positions above 0.88 with targets @ 0.8845 & 0.886 in extension.

Alternative scenario: Below 0.88 look for further downside with 0.8775 & 0.8755 as targets.

Comment: The RSI has just landed on a support around 30% and is reversing up.

Supports and resistances:
0.8875
0.886
0.8845
0.8821 Last
0.88
0.8775
0.8755

EUR/GBP Intraday: under pressure

Our preference: Short positions below 0.825 with targets @ 0.821 & 0.8185 in extension.

Alternative scenario: Above 0.825 look for further upside with 0.827 & 0.8285 as targets.

Comment: The RSI lacks upward momentum.

Supports and resistances:
0.8285
0.827
0.825
0.8223 Last
0.821
0.8185
0.8155

NZD/USD Intraday: consolidation in place

Our preference: Short positions below 0.861 with targets @ 0.8545 & 0.8515 in extension.

Alternative scenario: Above 0.861 look for further upside with 0.865 & 0.869 as targets.

Comment: The RSI is mixed with a bearish bias.

Supports and resistances:
0.869
0.865
0.861
0.8574 Last
0.8545
0.8515
0.85

AUD/USD Intraday: consolidation in place

Our preference: Short positions below 0.939 with targets @ 0.929 & 0.925 in extension.

Alternative scenario: Above 0.939 look for further upside with 0.9425 & 0.946 as targets.

Comment: The RSI is mixed with a bearish bias.

Supports and resistances:
0.946
0.9425
0.939
0.9332 Last
0.929
0.925
0.922

USD/CAD Intraday: bullish bias above 1.1

Our preference: Long positions above 1.1 with targets @ 1.103 & 1.1045 in extension.

Alternative scenario: Below 1.1 look for further downside with 1.098 & 1.0955 as targets.

Comment: The RSI is mixed with a bullish bias.

Supports and resistances:
1.107
1.1045
1.103
1.102 Last
1.1
1.098
1.0955