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OUTLOOK: Price Signal Summary - USDJPY Retracement Extends

OUTLOOK
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  • In FX, EURUSD has traded higher this week and the pair is holding on to the bulk of its latest gains. The Nov 22 price pattern - a hammer candle - highlights a possible short-term base and if correct, the start of a corrective cycle. The trend is oversold and a continued recovery would allow this condition to unwind. Firm resistance to watch is 1.0612, the 20-day EMA. For bears, a move through 1.0335, the Nov 22 low, would resume the downtrend. Initial support lies at 1.0425, the Nov 26 low.
  • Gains this week in GBPUSD highlight the start of a corrective cycle. The move higher is allowing an oversold trend condition to unwind. Initial firm resistance to monitor is 1.2729, the 20-day EMA. It has been pierced, a clear break of the average would signal scope for a stronger recovery. The 50-day EMA is at 1.2869. The medium-term trend condition remains bearish, with moving average studies in a bear-mode set-up. The bear trigger is 1.2487, the Nov 22 low.
  • This week’s move lower in USDJPY marks an extension of the current corrective cycle, and today’s weakness reinforces a S/T bearish theme. The pair has traded through both the 20- and 50-day EMAs. This signals scope for a deeper retracement, towards 148.17 next, the 50.0% retracement of the Sep 16 - Nov 15 bull leg. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high. Initial firm resistance is seen at 153.22, the 20-day EMA.
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  • In FX, EURUSD has traded higher this week and the pair is holding on to the bulk of its latest gains. The Nov 22 price pattern - a hammer candle - highlights a possible short-term base and if correct, the start of a corrective cycle. The trend is oversold and a continued recovery would allow this condition to unwind. Firm resistance to watch is 1.0612, the 20-day EMA. For bears, a move through 1.0335, the Nov 22 low, would resume the downtrend. Initial support lies at 1.0425, the Nov 26 low.
  • Gains this week in GBPUSD highlight the start of a corrective cycle. The move higher is allowing an oversold trend condition to unwind. Initial firm resistance to monitor is 1.2729, the 20-day EMA. It has been pierced, a clear break of the average would signal scope for a stronger recovery. The 50-day EMA is at 1.2869. The medium-term trend condition remains bearish, with moving average studies in a bear-mode set-up. The bear trigger is 1.2487, the Nov 22 low.
  • This week’s move lower in USDJPY marks an extension of the current corrective cycle, and today’s weakness reinforces a S/T bearish theme. The pair has traded through both the 20- and 50-day EMAs. This signals scope for a deeper retracement, towards 148.17 next, the 50.0% retracement of the Sep 16 - Nov 15 bull leg. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high. Initial firm resistance is seen at 153.22, the 20-day EMA.