J.P. Morgan

Global FX Strategy 2026

LIVE25 November 2025USD bearish

Overview Forecasts Trades Currencies Scenarios Technicals Volatility EM Strategy Macro Quant

Technical Strategy

J.P. Morgan key support/resistance levels, pattern analysis, and live price positioning

Pairs Analyzed

Bullish

Bearish

Neutral

DXY

Multi-month base pattern above 2011 trend line support

JPM Spot

100.2

↑Bullish

S1 97.80

S2 98.79

S3 97.13

S4 94.98

S5 94.68

R1 100.00

R2 101.55

R3 103.19

R4 104.84

T1 100.00

T2 101.55

T3 103.19

Spot 100.20

105.65

93.87

Support

Resistance

Targets

JPM Spot

Live Price

Targets

100(-0.2%)

101.55(1.3%)

103.19(3.0%)

103.25(3.0%)

104.84(4.6%)

Support

97.8(-2.4%)

98.79(-1.4%)

97.13(-3.1%)

94.98(-5.2%)

94.68(-5.5%)

Resistance

100(-0.2%)

101.55(1.3%)

103.19(3.0%)

104.84(4.6%)

The developing multi-month base pattern favors a positive bias heading into 1H 2026. A sustained break above 100 would confirm a more lasting medium-term bullish trend reversal. Trend line support at 97.13 (Dec), 97.69 (Mar), 98.06 (Jun).

EUR/USD

Potential distribution pattern below 2022 channel resistance

JPM Spot

1.15

↓Bearish

S1 1.1392

S2 1.1391

S3 1.1065

S4 1.1030

R1 1.1906

R2 1.1965

R3 1.2037

R4 1.2000

T1 1.1370

T2 1.1214

T3 1.1276

Spot 1.1500

1.2118

1.0949

Support

Resistance

Targets

JPM Spot

Live Price

Targets

1.137(-1.1%)

1.1214(-2.5%)

1.1276(-1.9%)

1.124(-2.3%)

Support

1.1392(-0.9%)

1.1391(-0.9%)

1.1065(-3.8%)

1.103(-4.1%)

Resistance

1.1906(3.5%)

1.1965(4.0%)

1.2037(4.7%)

1.2(4.3%)

EUR/USD is vulnerable to a drop to the 1.137 Aug-Sep pattern objective, 1.1214-1.1276 2024 range highs, and 1.124 Feb 2025 38.2% retracement into early months of 2026. Weekly momentum divergence sell signal triggered in mid-Sep.

GBP/USD

Bearish consolidation below triangle breakdown

JPM Spot

1.31

↓Bearish

S1 1.2945

S2 1.2922

S3 1.2745

S4 1.2650

R1 1.3255

R2 1.3450

R3 1.3503

R4 1.4000

T1 1.2945

T2 1.2922

T3 1.2745

Spot 1.3100

1.4108

1.2542

Support

Resistance

Targets

JPM Spot

Live Price

Targets

1.2945(-1.2%)

1.2922(-1.4%)

1.2745(-2.7%)

1.265(-3.4%)

Support

1.2945(-1.2%)

1.2922(-1.4%)

1.2745(-2.7%)

1.265(-3.4%)

Resistance

1.3255(1.2%)

1.345(2.7%)

1.3503(3.1%)

1.4(6.9%)

Medium-term bears will keep a firm hand on the market provided the pair continues to trade below 1.3255-1.345 resistance. Fall weakness stalled shy of 1.294-1.2945 Fibonacci retracement confluence.

USD/JPY

April-September base breakout above 150-150.88

JPM Spot

155

↑Bullish

S1 150.00

S2 150.88

S3 150.05

S4 145.49

R1 155.02

R2 156.52

R3 157.80

R4 158.86

T1 155.02

T2 156.52

T3 157.80

Spot 155.00

162.71

144.21

Support

Resistance

Targets

JPM Spot

Live Price

Targets

155.02(0.0%)

156.52(1.0%)

157.8(1.8%)

158.86(2.5%)

161.43(4.1%)

Support

150(-3.2%)

150.88(-2.7%)

150.05(-3.2%)

145.49(-6.1%)

Resistance

155.02(0.0%)

156.52(1.0%)

157.8(1.8%)

158.86(2.5%)

Bullish technical setup with base breakout above 150. Key trend support at 200-day moving average. Look for resistance at 156.52 April-August equal swings objective, April channel (157.80 at end of Dec), and 158.86 January 2025 peak.

AUD/USD

Bullish triangle consolidation below 2021 trend line

JPM Spot

0.64

↑Bullish

S1 0.6400

S2 0.6450

S3 0.6186

S4 0.6169

S5 0.6000

R1 0.6575

R2 0.6600

R3 0.6714

R4 0.6722

T1 0.6575

T2 0.6600

T3 0.6714

Spot 0.6400

0.7038

0.5923

Support

Resistance

Targets

JPM Spot

Live Price

Targets

0.6575(2.7%)

0.66(3.1%)

0.6714(4.9%)

0.6722(5.0%)

0.69(7.8%)

0.6942(8.5%)

0.6961(8.8%)

Support

0.64(0.0%)

0.645(0.8%)

0.6186(-3.3%)

0.6169(-3.6%)

0.6(-6.3%)

Resistance

0.6575(2.7%)

0.66(3.1%)

0.6714(4.9%)

0.6722(5.0%)

Most interesting technical setup heading into 2026. Bullishly consolidating below March 2021 trend line resistance and above 64.00-64.50 key medium-term support. Upside breakout through 65.75-66.00 favored. Base case target zone 0.69-0.6942 for 1H26.