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OUTLOOK: Price Signal Summary - USDJPY Bears Remain In The Driver's Seat

OUTLOOK
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  • In FX, EURUSD traded lower Monday. A medium-term uptrend remains intact and short-term pullbacks are considered corrective. The move lower yesterday resulted in a break of the 20-day EMA and attention is on support at 1.1026, the Sep 3 low. A break of this level would signal scope for a deeper correction towards the 50-day EMA, at 1.0977. Key short-term resistance has been defined at 1.1155, the Sep 6 high. A break would be bullish development.
  • GBPUSD traded lower Monday, 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 1.2956. 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 is trading closer to its recent lows. Sights are on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the downtrend and open 140.82, the Jan 2 low. On the upside, a firm resistance is seen around the 20-day EMA, at 145.54 today.
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  • In FX, EURUSD traded lower Monday. A medium-term uptrend remains intact and short-term pullbacks are considered corrective. The move lower yesterday resulted in a break of the 20-day EMA and attention is on support at 1.1026, the Sep 3 low. A break of this level would signal scope for a deeper correction towards the 50-day EMA, at 1.0977. Key short-term resistance has been defined at 1.1155, the Sep 6 high. A break would be bullish development.
  • GBPUSD traded lower Monday, 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 1.2956. 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 is trading closer to its recent lows. Sights are on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the downtrend and open 140.82, the Jan 2 low. On the upside, a firm resistance is seen around the 20-day EMA, at 145.54 today.