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OUTLOOK: Price Signal Summary - USDJPY Bull Cycle Remains In Play

OUTLOOK
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  • In FX, the trend outlook in EURUSD traded lower Friday and a softer tone remains intact. The pair has traded through support at 1.1002, the Sep 11 low and what appears to be the midpoint of a double top reversal pattern on the daily chart. The break lower strengthens a bearish theme and signals scope for weakness towards 1.0945 next, 61.8% of the Aug 1 - Sep 25 bull leg. First resistance is at 1.1041, the 50-day EMA.
  • GBPUSD maintains a softer short-term tone following last week’s sell-off and the pair is trading lower again, today. Price has breached support at the 20-day EMA and pierced the 50-day EMA at 1.3114. A clear break of this average would strengthen a bearish threat and open 1.3049, 50.0% of the Aug 8 - Sep 25 bull leg. Clearance of this level would expose 1.3002, the Sep 11 low. Initial resistance to watch is 1.3231, the 20-day EMA.
  • USDJPY traded higher Friday, as the pair extended the rally that started Sep 16, and price is trading at the latest highs. Last week’s gains resulted in a break of the 50-day EMA. This undermines a recent bearish theme and highlights a stronger reversal. Sights are on 149.39, Aug 15 high. Clearance of this level would strengthen the bullish theme. Initial firm support is 144.61, the 20-day EMA. A break of the average is required to signal a reversal.
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  • In FX, the trend outlook in EURUSD traded lower Friday and a softer tone remains intact. The pair has traded through support at 1.1002, the Sep 11 low and what appears to be the midpoint of a double top reversal pattern on the daily chart. The break lower strengthens a bearish theme and signals scope for weakness towards 1.0945 next, 61.8% of the Aug 1 - Sep 25 bull leg. First resistance is at 1.1041, the 50-day EMA.
  • GBPUSD maintains a softer short-term tone following last week’s sell-off and the pair is trading lower again, today. Price has breached support at the 20-day EMA and pierced the 50-day EMA at 1.3114. A clear break of this average would strengthen a bearish threat and open 1.3049, 50.0% of the Aug 8 - Sep 25 bull leg. Clearance of this level would expose 1.3002, the Sep 11 low. Initial resistance to watch is 1.3231, the 20-day EMA.
  • USDJPY traded higher Friday, as the pair extended the rally that started Sep 16, and price is trading at the latest highs. Last week’s gains resulted in a break of the 50-day EMA. This undermines a recent bearish theme and highlights a stronger reversal. Sights are on 149.39, Aug 15 high. Clearance of this level would strengthen the bullish theme. Initial firm support is 144.61, the 20-day EMA. A break of the average is required to signal a reversal.