Martin Miller

On Friday and Monday USD/JPY rose to register a close above the 153.66 Fibo 153.66 Fibo is a 61.8% retrace of the 156.76 to 148.65 (EBS) drop That increases the scope for eventual bigger gains through the 154.85 Fibo 154.85 Fibo is a 76.4% retrace of the same 156.76 to 148.65 fall The thickening and rising daily cloud support, now spans 147.25-152.12

EUR/USD tenkan and kijun lines are increasingly negative aligned Spot, earlier in Dec, ran into resistance ahead of the 1.0635 Fibo 1.0635 Fibo is a 50% retrace of the 1.0937 to 1.0332 Nov (EBS) drop However, bears should be mindful of the mid-Nov failure under 1.0402 Fibo

USD/JPY seen a steady 153.80-154.34 range, on Tuesday, EBS data shows

USD/JPY seen a steady 153.33-153.78 range, on Wednesday, EBS data shows

EUR/USD, earlier in Dec, ran into resistance ahead of the 1.0635 Fibo 1.0635 Fibo is a 50% retrace of the 1.0937 to 1.0332 Nov (EBS) drop However beware of the mid-Nov failure under 1.0402 Fibo, a "bear trap" 1.0402 Fibo is a 50% retrace of the 0.9528-1.1276 (2022-2023) rise A bear trap is set when a market breaks below a level but then reverses

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USD/JPY has risen from 154.45 to 156.78, on Thursday, EBS data shows Spot has marginally broken the November 156.76 peak EUR/JPY has climbed from 160.13 to 162.99, on Thursday so far Note the euro usually climbs against the yen in December

EUR/USD tenkan and kijun lines remain negatively aligned Spot saw a big drop, Wednesday, but it has failed to break 2024 1.0332 low The 2024 1.0332 (EBS) low was posted back in November Subsequent recovery attempts will likely be limited by the kijun line The kijun line, the midpoint of the last 26 trading sessions, now at 1.0481

Spot jumped from Thursday's 154.45 low, to peak at 157.93 on Friday That rise has led to verbal intervention by the Japanese authorities Fin Min Kato: government 'alarmed'by recent forex moves

EUR/USD's large upper shadow on Thur's candle points to an upside rejection The negative alignment of the tenkan and kijun lines is also bearish However spot's big drop, Wednesday, failed to break 2024 1.0332 (EBS) low