GBPJPY 121.26 +1.18%

With the USDJPY major gaining by 0.88% on the session, it’s no surprise that GBPJPY has also benefited from this momentum – jumping by over 1% today.  The cross pair is now trading at a 4-week high, with potential resistance surfacing at the December 25th low of 1.2156.  This level is anticipated to do more than enough damage in the short term, as the price action has seemingly risen too far, too fast.  Any short term correction is likely to meet support at 1.2070.

AUDNZD  1.2926 -0.47%

After failing to break through medium term barriers at 1.3000, the Australian dollar has been sold against the New Zealand dollar in the session.  Current price action is testing support at 1.2921 – a level not seen since January 11th.  Unfortunately, no support is seen lower through this level until 1.2870 – if the Aussie currency doesn’t muster any demand on expected consolidation.

AUDUSD  1.0479 -0.52%

Continuing on yesterday’s sell off, the Australian dollar is losing further momentum against the US dollar – falling to the lowest levels since late last week.  Although dramatic, the recent correction is merely an expected blip on an otherwise 7% rise in the last couple of weeks for the Australian currency.  Short term resistance is ensuring that the current downward momentum remains intact for the spot rate – with technical resistance at 1.0482 keeping a lid on any Aussie bullishness.  We expect strong support tests at 1.0425 for the time being.