EUR Slammed; JPY Bid

 
   By Francis Bray, CFTe MSTA 
   A DOW JONES NEWSWIRES COLUMN 
 

        LONDON (Dow Jones)--Rolling 24-hour chart levels:
        Intraday EUR/USD: Weakness during Monday's Asian session breaches 1.1049, to signal risk to 1.0847. The push lower consigns the June 18 peak at 1.1440 to bear failure status, and new session lows below 1.0950 would expose the projected rising support line of a bull pennant continuation pattern at 1.0847. A large downside gap exists up to 1.1130, which is unlikely to be completely filled on Monday.
        Weekly chart EUR/USD trend: Bearish.
        Intraday USD/JPY: The probe to a five-week low at 122.11 indicates new downside risk to 120.46. The downward breach of 122.46 extends the bear wave from the June 5 peak at 125.86, and loss of 122.11 would expose 121.79 and 121.53 initially, then 121.06. However, a bearish rectangle continuation pattern would generate a measured downside objective at 120.46, if completed with a session close below 122.46. Recapturing ground above 122.88 would provide respite, although only above 123.25 and 123.38 would lift the tone.
        Weekly chart USD/JPY trend: Range.
        Intraday GBP/USD: The key 1.5635/50 support area continues to hold, offering near-term GBP bulls the opportunity to test the range high at 1.5775. GBP bulls are underpinned by the successful defence of 1.5546, which is the 50% Fibonacci level of the broader 1.5172 to 1.5930 rally. That said, bulls need to force a break above 1.5775 and 1.5825, in order to open the June 18 reaction high at 1.5930.
        Weekly chart GBP/USD trend: Bullish.
        Intraday USD/CHF: Spikes to a three-week high at 0.9435 during Monday's Asian session, following the strong bounce from Friday's 0.9300 low. The upward breach of 0.9417 also strengthens last week's bear failure low at 0.9151, and the June 5 lower high at 0.9502 is within reach. The 0.9300 low has protection at 0.9330.
        Weekly chart USD/CHF trend: Bearish.
        Intraday EUR/GBP: Fell to 0.6990 during Monday's Asian session - its lowest since November 2007. The bear wave for the May 4 bull failure high at 0.7468 officially signals additional weakness to 0.6968, and there is also scope to the October 2007 lows at 0.6920 and 0.6894. A downside gap exists at 0.7076 on the daily chart, inhibiting scope for corrective EUR strength.
        Weekly chart EUR/GBP trend: Bearish.
        Intraday EUR/JPY: The plunge below 137.66 during Monday's Asian session has touched 133.80, shy of the May 26 higher low at 133.10. Monday's EUR weakness puts distance from June's peak at 141.06, and a large downside gap has been created at 137.66 on the weekly chart. That 141.06 peak would become a confirmed bull failure on a break below 133.10. Recapturing ground above 135.97 would offer recovery scope to the 137.66/137.80 area.
        Weekly chart EUR/JPY trend: Bearish.
        Intraday EUR/CHF: The May 29 reaction low at 1.0280 has fended off an attack during Monday's Asian session, following the recovery from 1.0300. The onus is now on EUR bulls to close the downside gap at 1.0410 on the daily chart, although the downtrend resistance line from the June 4 peak at 1.0574 continues to inhibit corrective upside scope. Loss of 1.0280 would drag the April major lows at 1.0235 into the picture.
        Weekly chart EUR/CHF trend: Bearish.
        Intraday AUD/USD: Probed to a ten-week low at 0.7587 during Monday's Asian session, and more weakness is expected during the coming sessions. The move lower cements the bull failure at the June 18 lower high at 0.7849, and extends the broader bear wave from the May 14 peak at 0.8163. The 2015 low at 0.7533 is now under threat, and a downwave equality target has been generated at 0.7306. Resistance at 0.7740 is notable on last week's Market Profile chart, which has protection at 0.7706.
        Weekly chart AUD/USD trend: Bearish.
        * The pivot is the sum of the high, low and close divided by 3.
        For more technical analysis see: Dow Jones Newswires, N/DJTA; Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"
        By Francis Bray; Dow Jones Newswires; +44 (0)207 842 9249; francis.bray@dowjones.com
        This Technical Analysis column will be discontinued in the not-too-distant future. I would like to thank everyone for their valued support over the past six years.
        Francis Bray is Dow Jones' chief technical analyst for Europe, and has worked as a technical analyst and trader for 20 years in London, Barcelona and Guernsey.
        Data provided by CQG International Ltd.
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        (END) Dow Jones Newswires

        June 29, 2015 02:38 ET (06:38 GMT)