EURUSD Daily Pivots
| R3 | 1.1227 |
| R2 | 1.1170 |
| R1 | 1.110 |
| Pivot | 1.1043 |
| S1 | 1.0973 |
| S2 | 1.0916 |
| S3 | 1.0845 |
 
EURUSD has been declining in a stair step fashion for the past two days and if we consider this move, the next downside leg is likely to come in at 1.0973 levels, provided price action does not rise above 1.10606. The major falling price channel continues to show EURUSD to be bearish and until price breaks out from this channel, we do not see any major correction around the corner.
USDJPY Daily Pivots
| R3 | 121.293 |
| R2 | 120.859 |
| R1 | 120.5 |
| Pivot | 120.065 |
| S1 | 119.698 |
| S2 | 119.262 |
| S3 | 118.895 |
USDJPY has found a short term base near 119.5 levels from which it bounced off to rally back to the previous high at 120.16 levels. If the momentum continues, a break above 120.16 will see a further rally towards 120.8 levels. Alternatively, if price fails to break higher, a drop back to 119.5 is possible and with an eventual break out from the rising price channel indicating a potential major move to the downside near 118.4 levels.
GBPUSD Daily Pivots
| R3 | 1.5321 |
| R2 | 1.5295 |
| R1 | 1.5267 |
| Pivot | 1.5241 |
| S1 | 1.5213 |
| S2 | 1.5186 |
| S3 | 1.5157 |
GBPUSD looks like the pair is back to resume its bearish trend. To the downside, the declines are likely to stall near 1.52 levels, a break below which could see a further steep decline to 1.502 levels. We could get potential clues if GBPUSD finds resistance above 1.52585 levels.
In the fresh podcast, we preview the NFP, talk about false breaks, the Australian and Canadian rate decisions, a potential easing in Japan, the widening gap within oil prices and an update on forex brokers after the SNBomb
Follow us on the  iTunes page
