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FOREX: JPM FX Techs On Majors

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J.P. Morgan: "EUR/USD carves out a range after the Sep-Jan slide decelerated near the 1.02 Sep 2022 61.8% retrace. We still see key medium-term resistance levels clustered around 1.06.

The 1.2486-1.2659 favored cluster of resistance levels continues to contain the GBP/USD rebound. While the market can see further consolidation on the heels of the Sep-Jan trend, we think that resistance will cap the market.

The USD/JPY mean reversion from the 158.88 Jan high extended through our 152.555-153.03 base-case target zone as it tracked a more aggressive Treasury move to lower yields. Now, at 150.835-151.807 Fibonacci levels, next support rests at the 148.645 Dec low. Bears keep the agenda while below the 154.949 50-day moving average.

AUD/USD triggered another set of pattern-based buy signals after the headline whipsaws early in the week. The market finds itself testing the 0.628 50-day moving average again, which marks the lower end of a key medium-term resistance cluster and what we view as a bifurcation line for the medium-term outlook." 

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J.P. Morgan: "EUR/USD carves out a range after the Sep-Jan slide decelerated near the 1.02 Sep 2022 61.8% retrace. We still see key medium-term resistance levels clustered around 1.06.

The 1.2486-1.2659 favored cluster of resistance levels continues to contain the GBP/USD rebound. While the market can see further consolidation on the heels of the Sep-Jan trend, we think that resistance will cap the market.

The USD/JPY mean reversion from the 158.88 Jan high extended through our 152.555-153.03 base-case target zone as it tracked a more aggressive Treasury move to lower yields. Now, at 150.835-151.807 Fibonacci levels, next support rests at the 148.645 Dec low. Bears keep the agenda while below the 154.949 50-day moving average.

AUD/USD triggered another set of pattern-based buy signals after the headline whipsaws early in the week. The market finds itself testing the 0.628 50-day moving average again, which marks the lower end of a key medium-term resistance cluster and what we view as a bifurcation line for the medium-term outlook."