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OUTLOOK: Price Signal Summary - USDJPY Heads South

OUTLOOK
  • In FX, EURUSD has recovered from this week’s lows. Despite these gains, a bearish corrective theme remains intact - for now. The move lower this week resulted in a breach of 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 1.0984 - a key support. Key short-term resistance is at 1.1155, the Sep 6 high. A break of it would be bullish.
  • GBPUSD has recovered from this week’s lows. The recent move down is considered corrective and has allowed an overbought condition to unwind. A resumption of the downleg would signal scope for a deeper retracement, potentially towards the 50-day EMA, at 1.2970. For bulls, a stronger reversal higher would refocus attention on key short-term resistance at 1.3266, Aug 27 high. First key support to watch is 1.3002, the Sep 11 low.
  • USDJPY bears remain in the driver’s seat and the pair has again traded to a fresh cycle low, today. The move down this week 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. Sights are on 140.25, Dec 28 ‘23 low. Resistance is at 144.67, 20-day EMA.
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