FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OUTLOOK: Price Signal Summary - USDJPY Bear Cycle Remains Intact

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, EURUSD has traded higher so far this week, marking an extension of the recovery that started Sep 11. The latest recovery exposes a key resistance at 1.1155, the Sep 6 high. Clearance of this level would cancel a recent bearish theme and open 1.1202, the Aug 26 high and a bull trigger. For bears, a reversal lower would refocus attention on 1.1002, the Sep 11 low.
  • GBPUSD traded higher Monday, extending the latest recovery. The recent move down (since Aug 28) is considered corrective and this has allowed an overbought condition to unwind. A resumption of gains would refocus attention on key short-term resistance and a bull trigger at 1.3266, the Aug 27 high. For bears, a stronger sell-off would instead signal scope for a deeper retracement, towards the 50-day EMA, at 1.2993.
  • USDJPY found support Tuesday, however, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair has once again traded to a fresh cycle low this week. Sights are on 139.00 next, 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. Firm resistance is 143.81, 20-day EMA.
187 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • In FX, EURUSD has traded higher so far this week, marking an extension of the recovery that started Sep 11. The latest recovery exposes a key resistance at 1.1155, the Sep 6 high. Clearance of this level would cancel a recent bearish theme and open 1.1202, the Aug 26 high and a bull trigger. For bears, a reversal lower would refocus attention on 1.1002, the Sep 11 low.
  • GBPUSD traded higher Monday, extending the latest recovery. The recent move down (since Aug 28) is considered corrective and this has allowed an overbought condition to unwind. A resumption of gains would refocus attention on key short-term resistance and a bull trigger at 1.3266, the Aug 27 high. For bears, a stronger sell-off would instead signal scope for a deeper retracement, towards the 50-day EMA, at 1.2993.
  • USDJPY found support Tuesday, however, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair has once again traded to a fresh cycle low this week. Sights are on 139.00 next, 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. Firm resistance is 143.81, 20-day EMA.