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OUTLOOK: Price Signal Summary - Bear Threat In USDJPY Remains Present

OUTLOOK
  • In FX, last week’s move lower in EURUSD appears corrective. The current bear cycle remains intact and the pair is trading lower again, today. Note that the 20-day EMA, at 1.1050, has been pierced. A clear break of the average would expose the 50-day EMA, at 1.0952, allowing for a deeper retracement. Moving average studies are in a bull-mode position, highlighting a primary uptrend. Initial resistance is at 1.1140, the Aug 29 high.
  • A short-term bearish condition in GBPUSD remains intact and the pair is trading at its recent lows. The latest pullback still appears to be a correction and firm support to watch lies at 1.3041, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Moving average studies are in a bull-mode position, highlighting a rising M/T trend condition. A resumption of gains would open 1.3328, the 76.4% retracement of the Jun 2021 - Sep 2022 bear leg.
  • USDJPY traded higher Monday, resulting in a brief print above the 20-day EMA, at 146.85. Resistance at this EMA remains intact - for now. The trend structure is bearish and MA studies are in a bear-mode set-up. A resumption of weakness would open key support at 141.70, the Aug 5 low. On the upside, a break of the 20-day EMA would signal scope for a stronger correction, potentially towards 149.39, the Aug 15 high.
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