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USDJPY is facing the resistance of the upper line of the price channel on 4-hour chart, a clear break above the channel resistance will signal completion of the downtrend from 84.17 (Mar 15 high), then further rise to 83.00 area could be seen. On the downside, the downtrend could be expected to resume after touching the channel resistance, and as long as the channel resistance holds, one more fall to 78.00 area to complete the downward movement is still possible.



Daily Forex Forecast

[B]BIAS[/B]: Uncertainty remains… wait for breaks

[B]Resistance[/B]:... 1.0035... 1.0057-77... 1.0095-15... 1.0143
[B]Support[/B]:........ 1.0006... 0.9992........ 0.9974........ 0.9930-40

[B]MAIN ANALYSIS[/B]: We have seen a break below the 1.0021 low, not by too much but there could still be risk of losses extending to the 0.9974-92 area. Momentum conditions are not strongly bearish at this stage so we should look at this area as a potential base for a recycling higher. However, I cannot rule out a direct recycling higher from current levels but we'll need a break above 1.0057-77 to confirm. Thus, either from 0.9974-92 or directly above 1.0080 would see further gains through 1.0095-15 and 1.0143 ...

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Gold and silver continued their downward trend during last week and thus are headed (at thus rate) to the worst performing month (so far) in 2012. Last week it was reported that the industrial production output of China and India didn't reach expectations and thus may have adversely affected precious metals rates. The result of the elections in France and Greece raised the concerns that the austerity plans in these countries won't be carried through by the new elected officials. This news may have also been among the factors dragging down not only the Euro but also other currencies and commodities prices.
This upcoming week there are many news items on the agenda that may affect precious metals. The main events of the week will revolve ...

The British pound continued to lose ground, as GBP/USD closed the week at 1.6060. The upcoming week has six releases, including key employment data. Here is an outlook for the upcoming events, and an updated technical analysis for GBP/USD.

The dollar made further headway against the pound last week, buoyed by strong employment and consumer confidence data in the US last week. As well, the pound was hurt by weak UK housing data, which points to a sluggish housing sector.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-outlook-may-14-18/"]GBP/USD Outlook – May 14 -18[/URL][/I][/B]