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Price Signal Summary - USDJPY Trend Needle Continues To Point South

OUTLOOK
  • In FX, EURUSD traded higher Thursday before fading into the close. Nonetheless, the broad trend direction remains up - resistance at 1.0929, the Jan 26 high, has been cleared. This maintains the bullish price sequence of higher highs and higher lows and clears the way for a climb towards 1.1054, the 1.236 projection of the Oct 13 -27 rally from the Jan 6 low. Note that moving average studies are in a bull-mode position. Key short-term support lies at 1.0802, the Jan 31 low.
  • GBPUSD traded lower Thursday as price extends the gap with recent highs. The move lower is considered corrective. Support to watch lies at 1.2146, the 50-day EMA. A break of this level would strengthen a bearish theme and allow for a deeper corrective pullback. For now, the 4-month uptrend is intact - moving average studies are in a bull-mode position and this reflects bullish market sentiment. The bull trigger is 1.2448, the Jan 23 high.
  • USDJPY drifted lower again Thursday. The trend outlook is bearish and key short-term resistance at 131.58, the Jan 18 high, remains intact. Initial resistance is seen at the 20-day EMA, at 130.25. A continuation lower and a break of 127.23, the Jan 16 low and bear trigger, would open 126.81, a Fibonacci projection. For bulls, clearance of 131.58 would be a positive development and signal a short-term reversal.
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