UK SEP MANUFACTURING PMI 51.5 (FLASH 51.5, AUG 52.5)

MNI BRIEF: Riksbank Minutes Show Focus On Inflation Undershoot

FRANCE SEP MANUFACTURING PMI 44.6 (FLASH 44.0, AUG 43.9)

MNI BRIEF: Turkish Inflation Expectations Ease As CBRT Holds

FED'S POWELL: COMMITTEE NOT IN A HURRY TO CUT RATES QUICKLY

MNI NBP WATCH: Policy Hold As Data Shows Inflation Persisting

MNI: US REDBOOK: SEP STORE SALES +5.2% V YR AGO MO

MNI: EUROZONE SEP FLASH HICP +1.8% Y/Y

EUROZONE SEP MANUFACTURING PMI 45.0 (FLASH 44.8, AUG 45.8)

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

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

OUTLOOK: Price Signal Summary - USDJPY Bear Trend Remains Intact

OUTLOOK
BulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, EURUSD started the week on a firmer note, trading through last Friday’s high, marking an extension of the recovery that started Sep 11. The break higher 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 and key support.
  • GBPUSD bounced off last week’s lows and the pair traded higher Monday, extending the latest recovery. A continuation higher would refocus attention on key short-term resistance and bull trigger at 1.3266, the Aug 27 high. For bears, a resumption of the downleg would signal scope for a deeper retracement, towards the 50-day EMA, at 1.2986.
  • USDJPY bears remain in the driver’s seat and the pair once again traded to a fresh cycle low, Monday. The move down last week 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. Sights are on 139.00 next, 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. Firm resistance is at 143.95, 20-day EMA.
202 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 started the week on a firmer note, trading through last Friday’s high, marking an extension of the recovery that started Sep 11. The break higher 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 and key support.
  • GBPUSD bounced off last week’s lows and the pair traded higher Monday, extending the latest recovery. A continuation higher would refocus attention on key short-term resistance and bull trigger at 1.3266, the Aug 27 high. For bears, a resumption of the downleg would signal scope for a deeper retracement, towards the 50-day EMA, at 1.2986.
  • USDJPY bears remain in the driver’s seat and the pair once again traded to a fresh cycle low, Monday. The move down last week 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. Sights are on 139.00 next, 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. Firm resistance is at 143.95, 20-day EMA.