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Price Signal Summary - USDJPY Trend Direction Remains Down

OUTLOOK
  • In FX, EURUSD remains above last Monday’s low. Attention is on the key short-term resistance at 1.0479, the Nov 15 high and a bull trigger. This level has been pierced, a clear break would confirm a resumption of the uptrend and open 1.0536, the Jun 29 high. On the downside, key short-term support has been defined at 1.0223, the Nov 21 low.
  • Last week’s climb in GBPUSD marks an extension of the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position too, highlighting current sentiment. The focus is on 1.2185, the 200-dma. On the downside, key short-term support is seen at 1.1771, the 20-day EMA.
  • USDJPY short-term trend conditions remain bearish. The sell-off from last Monday’s high signalled the end of the recent corrective bounce between Nov 15 - 22. Attention is on the bear trigger at 137.68, the Nov 15 low, which has been pierced. A clear break would confirm a resumption of the downtrend and open 137.37, the Aug 29 low. Key short-term resistance has been defined at 142.25, the Nov 21 high.
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