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OUTLOOK: Price Signal Summary - USDJPY Bear Trend Remains Intact

OUTLOOK
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  • 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.
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  • 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.