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OUTLOOK: Price Signal Summary - USDJPY Bear Threat Still Present

OUTLOOK
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  • In FX, EURUSD maintains a softer tone. The move lower this week, has 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 this level would signal scope for a deeper correction towards the 50-day EMA, at 1.0980. 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. A break of this hurdle would be bullish development.
  • GBPUSD has traded lower this week, 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 1.3072, has been breached. The break signals scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2964. 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 and the pair traded to a fresh cycle low Wednesday, before recovering. S/T gains are - for now - considered corrective. The move down has resulted in a break of key support and the bear trigger at 141.70, the Aug 5 low. This confirms a resumption of the downtrend and sights are on 140.25, the Dec 28 ‘23 low. Resistance is at 145.24, 20-day EMA.
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  • In FX, EURUSD maintains a softer tone. The move lower this week, has 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 this level would signal scope for a deeper correction towards the 50-day EMA, at 1.0980. 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. A break of this hurdle would be bullish development.
  • GBPUSD has traded lower this week, 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 1.3072, has been breached. The break signals scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2964. 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 and the pair traded to a fresh cycle low Wednesday, before recovering. S/T gains are - for now - considered corrective. The move down has resulted in a break of key support and the bear trigger at 141.70, the Aug 5 low. This confirms a resumption of the downtrend and sights are on 140.25, the Dec 28 ‘23 low. Resistance is at 145.24, 20-day EMA.