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OUTLOOK: Price Signal Summary - USDJPY Trend Structure Remains Bearish

OUTLOOK
  • In FX, the trend condition in EURUSD remains bullish and Monday’ strong gains reinforce current conditions. Resistance at 1.1008, the Aug 5 high, has recently been cleared and this confirmed a resumption of the uptrend. Sights are on 1.1139 next, the Dec 29 ‘23 high and a key resistance. Initial firm support to watch lies at 1.0936, the 20-day EMA.
  • GBPUSD started the week on a firmer note, trading to a fresh short-term trend high and the pair is holding on to its recent gains. The bullish extension highlights a stronger reversal. 1.2955, 76.4% of the Jul 17 - Aug 8 bear leg, has been cleared and this signals scope for a climb towards 1.3044, the Jul 17 high and a bull trigger. Initial firm support to watch lies at 1.2840, the 20-day EMA.
  • USDJPY continues to trade below last week’s high and resistance at the 20-day EMA remains intact. The trend direction is down and recent gains appear to have been a correction. A stronger reversal lower would refocus attention on key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the  bear trend. Resistance to watch is 149.77, the 20-day EMA.
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