Today was a low volume day to kick off the trading week.   Keep in mind the U.S. has GDP q/q on Thursday and NFP on Friday.   For now the pair looks to be in a tight range with a bullish momentum.   We have a few points of risk to discuss along with target levels to attain.   So, for the last month 1.5900 has been an easy target with a new high of 1.6036, and the lows have been pretty close to 1.5600.   After today the bulls should be looking to hold on to the 1.5700 and reach 1.5837 before the news.   The bears should be looking to break 1.5700 and 1.5650 to warrant a fall to the key 1.5500 level, whilst holding below 1.5796.  

The bulls had a pleasant day today but the overall short term (long term even) looks bearish if the 2.0000 level cannot be taken out.   The 1.9960 zone is looking to be very nice resistance as the previous couple of weeks have left this area as a congestion mess.   Attached is a copy of the weekly chart and you can see the 50 & 100 day SMA’s squeezing together to signify a coming breakout.   I would like to pose this question to the community so you can make the best decision for you:   Will cable move above 2.000 again?   If that could happen and the last high made at 2.0156 is removed then we could see price move to the 2.0466 region.   If today’s move was a failure of attaining 2.000 and 1.9800 is removed then price could move back to test the lows around the 1.9400 level.   Take one look at the monthly chart and see the frustration, sorry consolidation.  

Made a 1 month high today finally inching above 108.00 and that was followed by a 70+ pip drop.   The 61.8 fib fan looks like good resistance and 108.56 is risk for the bears.   If this was the failure test then a drop to retest the bottom of 104 could be in the foreseeable future.   This complies with recent moves in the GBP/JPY carry as it has found resistance at the 214.80 level which is also 38.2 retracement from the large bear move made in the last year.   If the GBP & USD fail this week then we could see yen crosses slip to the downside as many analysts have been expecting.