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• RES 4: 160.00 Round number resistance   
• RES 3: 159.45 High Jul 12
• RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing  
• RES 1: 158.08/87 High Jan 15 / 10 and the bull trigger   
• PRICE: 156.18 @ 19:31 GMT Jan 17
• SUP 1: 154.92 50-day EMA
• SUP 2: 154.44 Low Dec 19 
• SUP 3: 153.99 Trendline support drawn from the Sep 16 ‘24 low 
• SUP 4: 153.16 Low Dec 17  

The trend condition in USDJPY is unchanged, it remains bullish and last week’s move lower appears corrective - for now. The pair has traded through the 20-day EMA and an extension lower would signal scope for a deeper retracement. Support to watch is 154.90, the 50-day EMA. A return higher and a breach of 158.87, the Jan 10 high, would confirm a resumption of the uptrend and open 159.45, the Jul 12 ‘24 high. 

• RES 4: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
• RES 3: 0.8494 High Aug 26 ‘24  
• RES 2: 0.8471 61.8% retracement of the Aug 8 - Dec 19 downleg
• RES 1: 0.8463 High Jan 15  
• PRICE: 0.8443 @ 19:24 GMT Jan 17
• SUP 1: 0.8385 Low Jan 14   
• SUP 2: 0.8332/8284 50-day EMA / Low Jan 8
• SUP 3: 0.8263 Low Dec 31
• SUP 4: 0.8223 Low Dec 19

EURGBP maintains a firmer tone and the cross continues to trade closer to its recent highs. The latest recovery undermines the recent bearish theme and suggests scope for stronger short-term gains. 0.8376, the Nov 19 high and a key resistance, has been cleared. Note too that 0.8448, the Oct 31 high, has been pierced, a clear break of this hurdle would strengthen the bullish theme. Support at the 50-day EMA is at 0.8332.

• RES 4: 1.0630 High Dec 06
• RES 3: 1.0513 50-day EMA
• RES 2: 1.0437/58 High Jan 6 / High Dec 30
• RES 1: 1.0345/54 20-day EMA / High Jan 15
• PRICE: 1.0282 @ 19:12 GMT Jan 17
• SUP 1: 1.0178 Low Jan 13 and the bear trigger  
• SUP 2: 1.0138 1.764 proj of the Sep 25 - Oct 23 - Nov 5 price swing
• SUP 3: 1.0122 2.0% 10-dma envelope
• SUP 4: 1.0031 2.000 proj of the Sep 25 - Oct 23 - Nov 5 price swing    

The trend condition in EURUSD is unchanged, it remains bearish and last week’s recovery appears corrective. Recent weakness resulted in a print below 1.0226, the Jan 2 low. The breach confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Sights are on 1.0138 next, a Fibonacci projection. Resistance to watch is 1.0437, the Jan 6 high. Initial resistance is at 1.0345, the 20-day EMA.