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OUTLOOK: Price Signal Summary - USDJPY Trend Structure Remains Bearish

OUTLOOK
  • In FX, the latest move down in EURUSD appears corrective and the pair is trading at its recent lows. The 20-day EMA, at 1.1049, has been pierced. A clear break of the average would expose the 50-day EMA, at 1.0960, allowing for a deeper correction. Moving average studies remain in a bull-mode position, highlighting a primary uptrend. Initial resistance is at 1.1140, the Aug 29 high.
  • A short-term bearish condition in GBPUSD remains intact and the pair has traded lower this week. The latest move down still appears to be a correction and firm support to watch lies at 1.3048, the 20-day EMA. A clear break of this EMA would signal scope for a deeper retracement. Moving average studies are in a bull-mode position, highlighting a rising M/T trend condition. A resumption of gains would open 1.3328, the 76.4% retracement of the Jun 2021 - Sep 2022 bear leg.
  • USDJPY faced resistance Tuesday just above the 20-day EMA, at 146.72. The trend structure remains bearish and moving average studies are in a bear-mode set-up. A continuation lower would open key support at 141.70, the Aug 5 low. Initial firm support lies at 143.45, the Aug 26 low. On the upside, a clear break of the 20-day EMA would signal scope for a stronger correction.
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