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Price Signal Summary - Bear Flag In USDJPY Reinforces The Bearish Trend Condition

OUTLOOK
  • In FX, the EURUSD continues to consolidate closer to its recent highs. The trend outlook remains bullish. The recent break of 1.0787, May 30 2022 high, reinforces bullish conditions and maintains the positive price sequence of higher highs and higher lows. The focus is on 1.0913, a Fibonacci projection. Initial firm support is at 1.0713, the 20-day EMA.
  • GBPUSD remains firm and is trading at this week’s highs. Short-term resistance at 1.2303 has been cleared, the 76.4% retracement of the Dec 14 - Jan 6 bear leg. The clear break exposes 1.2446, the Dec 14 high and the next key resistance. Clearance of this level would strengthen bullish conditions. The 20-day EMA at 1.2176, is first support.
  • USDJPY remains below this week’s high and below the 20-day EMA. The average intersects at 131.16 today. Recent activity appears to be a bear flag formation - if correct it reinforces the downtrend and signals scope for a continuation of the trend. A break lower would open 126.81,1.382 projection of the Oct 31 - Nov 15 - 21 price swing. On the upside, clearance of 131.58, Wednesday's high, would be bullish.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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