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OUTLOOK: Price Signal Summary - USDJPY Trend Needle Points South

OUTLOOK
  • In FX, EURUSD is trading lower today, however, despite the move down, price remains closer to its recent highs. Bulls are in the driver’s seat and last week’s appreciation reinforces a bullish set-up. MA studies are in a bull-mode position too, highlighting a rising trend. Sights are on 1.1234 next, a 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing. The trend is overbought, a pullback would allow this condition to unwind. Key S/T support to watch is 1.1036, the 20-day EMA.
  • GBPUSD bullish conditions remain intact and Tuesday’s fresh trend high reinforces the current positive trend set-up. The pair has recently traded through two important resistance points; 1.3142 and 1.3147, the Jul 14 ’23 high and the top of a bull channel drawn from the Oct 4 ‘23 low. This strengthens bullish conditions and opens 1.3328, the 76.4% retracement of the Jun 2021 - Sep 2022 bear leg. Firm support to watch is 1.2984, the 20-day EMA. First support is 1.3179, the Aug 26 low.
  • USDJPY continues to trade below the Aug 15 high and the 20-day EMA. The trend structure is bearish and moving average studies are in a bear-mode set-up. A stronger reversal lower would open key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the bear trend. Key near-term resistance is at 147.38, the 20-day EMA.
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