USDJPY meets major resistance
The Yen pair hit some resistance after pulling back from yearly highs. The recent upturn in momentum has come to a halt in the mid-159.00 area. From a short-term perspective, the trajectory remains upward, even though the immediate price action has pulled back from the peak. 159.50 is the level to clear before the uptrend can resume. 158.80 at the base of the latest bounce is a firm support to stop a full reversal below 157.00.
USDCAD stuck in consolidation
The Canadian dollar held strong as the currency also cashed in on the greenback losing some ground. The latest consolidation has met renewed selling pressure at 1.3860, and its breach might prompt sellers to look towards a full rally. 1.3800 is the next support, and its breach could drop prices towards 1.3720. Any chance of the late December rally resuming would first need a confirmed break above 1.3900 to make way for an extension towards 1.3980.
US 30 holds onto gains
The Dow looks to bounce back after moving away from the recent double top. The index is attempting to head back towards 49600, but the psychological level of 49000 is proving a difficult hurdle to overcome. Zooming into the intraday chart, a bullish RSI divergence suggests another turn higher, but a fall below 49000 would confirm weakness and could create a double bottom at 48200.
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