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MNI DAILY TECHNICAL ANALYSIS - USDJPY Trend Still Points North

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Price Signal Summary – USDJPY Trend Needle Still Points North

  • Bullish conditions in S&P E-Minis remain intact and last week’s gains reinforce current conditions. A key short-term support has been defined at 5724.25, Nov 4 low. A bearish condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle lows reinforce current conditions, having confirmed a resumption of the bear cycle. The contract has pierced 4815.50, the 50.0% retracement of the Aug 5 - Sep 30 bull cycle.
  • The trend condition in GBPUSD remains bearish and last week’s fresh cycle low reinforces current conditions. The move down highlighted the end of the recent corrective bounce and confirms a resumption of the downtrend. Key short-term support and the bear trigger at 1.2844. The USDJPY trend needle continues to point north and the pair is trading closer to its recent highs. Price has breached resistance at 153.88, the Oct 28 high, reinforcing a bullish condition. Sights are on 155.27, a Fibonacci projection. A bear cycle in AUDUSD remains intact and recent gains appear to have been a correction. Last Wednesday’s sell-off resulted in a breach of 0.6537, the Oct 30 low and bear trigger, highlighting a resumption of the downtrend.       
  • The trend condition in Gold is unchanged, it remains bullish and the latest pullback appears corrective. The yellow metal has cleared the 20-day EMA and this highlights potential for an extension of the corrective cycle. A bearish theme in WTI futures remains intact and the latest recovery, including last week’s  gains, appear corrective. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support.
  • Bund futures have recently traded in a volatile manner and for now, remain above their recent lows. The trend direction is down and last Wednesday’s initial break to a fresh cycle low reinforces current conditions. A bearish condition in Gilts remains intact. The contract has recently traded through 94.00 and breached 92.99, a 2.00 projection of the Sep 17 - 30 - Oct 1 price swing. This signals scope for an extension towards 92.23, the 2.236 projection.

FOREIGN EXCHANGE    

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Price Signal Summary – USDJPY Trend Needle Still Points North

  • Bullish conditions in S&P E-Minis remain intact and last week’s gains reinforce current conditions. A key short-term support has been defined at 5724.25, Nov 4 low. A bearish condition in Eurostoxx 50 futures remains intact and last week’s fresh cycle lows reinforce current conditions, having confirmed a resumption of the bear cycle. The contract has pierced 4815.50, the 50.0% retracement of the Aug 5 - Sep 30 bull cycle.
  • The trend condition in GBPUSD remains bearish and last week’s fresh cycle low reinforces current conditions. The move down highlighted the end of the recent corrective bounce and confirms a resumption of the downtrend. Key short-term support and the bear trigger at 1.2844. The USDJPY trend needle continues to point north and the pair is trading closer to its recent highs. Price has breached resistance at 153.88, the Oct 28 high, reinforcing a bullish condition. Sights are on 155.27, a Fibonacci projection. A bear cycle in AUDUSD remains intact and recent gains appear to have been a correction. Last Wednesday’s sell-off resulted in a breach of 0.6537, the Oct 30 low and bear trigger, highlighting a resumption of the downtrend.       
  • The trend condition in Gold is unchanged, it remains bullish and the latest pullback appears corrective. The yellow metal has cleared the 20-day EMA and this highlights potential for an extension of the corrective cycle. A bearish theme in WTI futures remains intact and the latest recovery, including last week’s  gains, appear corrective. A resumption of weakness would expose $65.99, the Oct 1 low, and $64.16, the Sep 10 low and key support.
  • Bund futures have recently traded in a volatile manner and for now, remain above their recent lows. The trend direction is down and last Wednesday’s initial break to a fresh cycle low reinforces current conditions. A bearish condition in Gilts remains intact. The contract has recently traded through 94.00 and breached 92.99, a 2.00 projection of the Sep 17 - 30 - Oct 1 price swing. This signals scope for an extension towards 92.23, the 2.236 projection.

FOREIGN EXCHANGE    

Keep reading...Show less