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OUTLOOK: Price Signal Summary - USDJPY Trend Needle Points South

OUTLOOK
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  • In FX, the short-term trend outlook in EURUSD remains bullish and the pair is trading closer to its recent highs. 1.1202, the Aug 26 high and a bull trigger, has been pierced. A clear break of this hurdle would confirm a resumption of the uptrend and open 1.1234, a 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing, and 1.1276, the Jul 18 '23 high. Support to watch is the 20-day EMA, at 1.1114, it has been pierced but remains intact.
  • The recent move higher in GBPUSD resulted in a climb above key resistance at 1.3266, the Aug 27 high, confirming a resumption of the medium-term uptrend. The pair is trading just below its recent highs and note that moving average studies are in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards the 1.3500 handle next. Initial firm support is 1.3237, the 20-day EMA.
  • Recent gains in USDJPY appear to have been a correction and Friday’s sell-off reinforces this theme. The move down also highlights a likely resumption of the downtrend. A continuation lower would open 139.58, the Sep 16 low and bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 139.00, a 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. Key resistance is seen at 146.40, the 50-day EMA.
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  • In FX, the short-term trend outlook in EURUSD remains bullish and the pair is trading closer to its recent highs. 1.1202, the Aug 26 high and a bull trigger, has been pierced. A clear break of this hurdle would confirm a resumption of the uptrend and open 1.1234, a 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing, and 1.1276, the Jul 18 '23 high. Support to watch is the 20-day EMA, at 1.1114, it has been pierced but remains intact.
  • The recent move higher in GBPUSD resulted in a climb above key resistance at 1.3266, the Aug 27 high, confirming a resumption of the medium-term uptrend. The pair is trading just below its recent highs and note that moving average studies are in a bull-mode position, reflecting a clear uptrend. Scope is seen for a climb towards the 1.3500 handle next. Initial firm support is 1.3237, the 20-day EMA.
  • Recent gains in USDJPY appear to have been a correction and Friday’s sell-off reinforces this theme. The move down also highlights a likely resumption of the downtrend. A continuation lower would open 139.58, the Sep 16 low and bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 139.00, a 1.382 projection of the Aug 15 - 26 - Sep 3 price swing. Key resistance is seen at 146.40, the 50-day EMA.