Bulls have decided to keep the rally on over in Asia on the back of optimism that more quantitative easing will be on the way from the Bank of Japan after it released its GDP reading which confirmed that the economy is in dire shape.
The Crude price is trading below its downward trend line on a 4 hour time frame. This confirms that the trend is still skewed towards the downside. The price is trading above the 50 day and 100 day moving averages shown in yellow and red colour respectively.
EUR/USD: The pair has broken its upward trend line on a 4 hour time frame. The next support is near the 1.1083 level and the resistance is 1.1487.
USD/JPY: The pair has broken its downward trend line on a 4 hour time frame. The near term support is at 109.60 and the resistance is at 115.83.
GBP/USD: The pair is trading in an upward channel on a 4 hour time frame. The next resistance is near 1.4726 and the support is 1.4369.