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Price Signal Summary - USDJPY Trend Needle Continues To Point South

OUTLOOK
  • In FX, the EURUSD has recovered from Tuesday’s low. Bulls remain in the driver’s seat and support is intact. Pullbacks are considered corrective with support at 1.0802, the 20-day EMA. A break of this level would strengthen a bearish threat and allow for a deeper correction. This would open 1.0767, the Jan 18 low. Note that the trend is overbought. On the upside, the bull trigger is 1.0929, the Jan 26 high. A break would resume the uptrend.
  • GBPUSD remains below recent highs. Pullbacks are considered corrective and the 4-month uptrend remains intact. Moving average studies are in a bull-mode position and this reflects bullish market sentiment. The pair has recently pierced resistance at 1.2446, the Dec 14 high. A clear break of it would confirm a resumption of the uptrend and open 1.2506, a Fibonacci projection. Initial firm support to watch is 1.2282, the 20-day EMA.
  • USDJPY is unchanged and remains in consolidation mode. The trend direction is down. Price is still trading below key short-term resistance at 131.58, the Jan 18 high and below the 20-day EMA, at 130.57. A resumption of weakness would open 126.81, a Fibonacci projection - the bear trigger is 127.23, Jan 16 low. For bulls, clearance of 131.58 would be a positive development, signal a short-term reversal and open 133.38, the 50-day EMA.
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