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OUTLOOK: Price Signal Summary - Fresh Cycle Low In USDJPY

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, the move lower this week in EURUSD resulted in a breach of the 20-day EMA and a move through support at 1.1026, the Sep 3 low. A clear break of 1.1026 would signal scope for a deeper correction towards the 50-day EMA, at 1.0979. Clearance of the 50-day EMA would undermine the bullish theme. Key short-term resistance has been defined at 1.1155, the Sep 6 high.
  • GBPUSD traded lower Tuesday, extending the bear cycle that started Aug 27. The move down is considered corrective and this is allowing a recent overbought condition to unwind. Support at the 20-day EMA, at 1.3075, has been pierced. A clear break would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2961. For bulls, a reversal higher would refocus attention on key short-term resistance at 1.3266, Aug 27 high.
  • USDJPY bears remain in the driver’s seat. The move down today has resulted in a break of key support and the bear trigger at 141.70, the Aug 5 low. The breach confirms a resumption of the downtrend and sights are on 140.25, the Dec 28 ‘23 low. Initial firm resistance is seen at 145.24, the 20-day EMA.
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  • In FX, the move lower this week in EURUSD resulted in a breach of the 20-day EMA and a move through support at 1.1026, the Sep 3 low. A clear break of 1.1026 would signal scope for a deeper correction towards the 50-day EMA, at 1.0979. Clearance of the 50-day EMA would undermine the bullish theme. Key short-term resistance has been defined at 1.1155, the Sep 6 high.
  • GBPUSD traded lower Tuesday, extending the bear cycle that started Aug 27. The move down is considered corrective and this is allowing a recent overbought condition to unwind. Support at the 20-day EMA, at 1.3075, has been pierced. A clear break would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2961. For bulls, a reversal higher would refocus attention on key short-term resistance at 1.3266, Aug 27 high.
  • USDJPY bears remain in the driver’s seat. The move down today has resulted in a break of key support and the bear trigger at 141.70, the Aug 5 low. The breach confirms a resumption of the downtrend and sights are on 140.25, the Dec 28 ‘23 low. Initial firm resistance is seen at 145.24, the 20-day EMA.