USD/JPY
1st support - 77.28 (minor)
1st resistance - 78.29 (minor)
2nd support - 77.00 (minor)
2nd resistance - 79.10 (minor)
USD/JPY is likely to trade in a higher range this week as the five-day moving average is above the 15-day moving average and rising. Resistance is at Tuesday's high of 78.29; a breach would target the Nov. 11 high of 79.10. An extension of the rise would target the 200-day moving average, coming in now at 79.26, and then the Oct. 31 spike high of 79.55. Support is at Wednesday's low of 77.28; a breach would target the Nov. 24 low of 77.00, and then the Nov.
EUR/USD
1st support - 1.3259 (minor)
1st resistance - 1.3550 (minor)
2nd support - 1.3212 (minor)
2nd resistance - 1.3615 (minor)
EUR/USD is likely to consolidate this week as long as the pair stays below Friday's high of 1.3550. The daily chart is mixed as the MACD and stochastic indicators are bullish, but a bearish outside-day-range pattern was completed Friday. A rise above 1.3550 would tilt the near-term outlook positive, targeting the Nov. 18 high of 1.3615, near the 55-day moving average.
