GBP/USD in a steady uptrend
GBP/USD continues to be hampered by the $1.3268 level, which constrained further upside yesterday and is doing the same today.
However, the price is within a steady uptrend from the lows of last Wednesday, so until we see the $1.3220 area broken, the sequence of higher lows remains in place. A push above $1.3220 would target the $1.33 area, and then $1.3341.
USD/JPY downtrend yet to be broken
A recovery for USD/JPY yesterday has not been able to break the downward trend seen in November so far. Indeed, the rally to ¥112.64 merely created a new lower high and, with stochastics so heavily overbought, the bears took the opportunity and ran with it.
Further declines would target yesterday’s low at ¥111.95, and then on down to the crucial ¥111.68 area. If the buyers can rescue the situation, then we look for a push above ¥112.70, and then on to ¥113.20.