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MNI DAILY TECHNICAL ANALYSIS - USD/JPY Holds Onto Gains

Story

Price Signal Summary – USD/JPY Holds Onto Gains

  • The S&P E-Minis contract remains bullish and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up. A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading closer to its recent highs. The contract has recently breached the 50-day EMA. The clear break of this average strengthens a bullish theme.
  • GBPUSD traded lower Thursday, extending the pullback from its recent high. The trend condition remains bearish and recent gains are considered corrective. A recovery has allowed an oversold trend condition to unwind. USDJPY has traded higher this week and is holding on to its latest gains. The pair has breached both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. The trend direction in AUDUSD remains down and this week’s extension reinforces the current bearish theme. The move lower maintains the price sequence of lower lows and lower highs.
  • Gold has traded higher this week. A key short-term resistance at $2721.4, the Nov 25 high, has been pierced and this represents a positive development. A continuation higher would expose key resistance at $2790.1, the Oct 31 high. A bearish threat in WTI futures remains present and this week’s gains are - for now - considered corrective. A resumption of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • The current bearish corrective cycle in Bund futures remains in play and yesterday’s extension signals scope for a continuation of the bear leg near-term. Price is trading at this week’s lows and sights are on 134.59, a Fibonacci retracement point. Gilt futures have traded lower this week, resulting in a move through support at 95.49, the Dec 4 low, and 95.17, the Nov 28 low. A continuation down would expose key support at 93.40, the Nov 18 low. A breach of this support would be a bearish development. 

FOREIGN EXCHANGE    

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Price Signal Summary – USD/JPY Holds Onto Gains

  • The S&P E-Minis contract remains bullish and the latest pullback is considered corrective. Recent gains confirm a resumption of the uptrend and signal scope for a continuation near-term. Note that moving average studies are in a bull-mode set-up. A bull cycle in the Eurostoxx 50 futures contract remains intact and price is trading closer to its recent highs. The contract has recently breached the 50-day EMA. The clear break of this average strengthens a bullish theme.
  • GBPUSD traded lower Thursday, extending the pullback from its recent high. The trend condition remains bearish and recent gains are considered corrective. A recovery has allowed an oversold trend condition to unwind. USDJPY has traded higher this week and is holding on to its latest gains. The pair has breached both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. The trend direction in AUDUSD remains down and this week’s extension reinforces the current bearish theme. The move lower maintains the price sequence of lower lows and lower highs.
  • Gold has traded higher this week. A key short-term resistance at $2721.4, the Nov 25 high, has been pierced and this represents a positive development. A continuation higher would expose key resistance at $2790.1, the Oct 31 high. A bearish threat in WTI futures remains present and this week’s gains are - for now - considered corrective. A resumption of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.
  • The current bearish corrective cycle in Bund futures remains in play and yesterday’s extension signals scope for a continuation of the bear leg near-term. Price is trading at this week’s lows and sights are on 134.59, a Fibonacci retracement point. Gilt futures have traded lower this week, resulting in a move through support at 95.49, the Dec 4 low, and 95.17, the Nov 28 low. A continuation down would expose key support at 93.40, the Nov 18 low. A breach of this support would be a bearish development. 

FOREIGN EXCHANGE    

Keep reading...Show less