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OUTLOOK: Price Signal Summary - USDJPY Pierces Resistance At The 50-Day EMA

OUTLOOK
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  • In FX, the trend outlook in EURUSD remains bullish, however, this week’s move down highlights scope for a deeper corrective pullback and for now, the pair maintains a softer tone. The 50-day EMA has been breached and this signals scope for a deeper retracement towards 1.1002, the Sep 11 low and the next key support. Clearance of this level would highlight a double top reversal. Initial resistance is at 1.1098, the 20-day EMA.
  • GBPUSD maintains a softer short-term tone following this week’s sell-off. The pair has breached support at the 20-day EMA and has pierced the 50-day EMA at 1.3113. 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. For now, the medium-term trend condition remains bullish. Initial resistance to watch is 1.3242, the 20-day EMA. A break of it would signal a possible bullish reversal.
  • USDJPY is holding on to this week’s gains. The rally from the Sep 30 low has resulted in a print above resistance around the 50-day EMA, at 146.22. A clear break of this average would undermine a bearish theme and highlight a stronger reversal. This would open 149.39, the Aug 15 high. It is still possible that short-term gains are corrective. A reversal lower would refocus attention on the bear trigger at 139.58, the Sep 16 low. First support to watch is 144.18, the 20-day EMA.
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  • In FX, the trend outlook in EURUSD remains bullish, however, this week’s move down highlights scope for a deeper corrective pullback and for now, the pair maintains a softer tone. The 50-day EMA has been breached and this signals scope for a deeper retracement towards 1.1002, the Sep 11 low and the next key support. Clearance of this level would highlight a double top reversal. Initial resistance is at 1.1098, the 20-day EMA.
  • GBPUSD maintains a softer short-term tone following this week’s sell-off. The pair has breached support at the 20-day EMA and has pierced the 50-day EMA at 1.3113. 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. For now, the medium-term trend condition remains bullish. Initial resistance to watch is 1.3242, the 20-day EMA. A break of it would signal a possible bullish reversal.
  • USDJPY is holding on to this week’s gains. The rally from the Sep 30 low has resulted in a print above resistance around the 50-day EMA, at 146.22. A clear break of this average would undermine a bearish theme and highlight a stronger reversal. This would open 149.39, the Aug 15 high. It is still possible that short-term gains are corrective. A reversal lower would refocus attention on the bear trigger at 139.58, the Sep 16 low. First support to watch is 144.18, the 20-day EMA.