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OUTLOOK: Price Signal Summary - Bear Threat In USDJPY Remains Present

OUTLOOK
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  • In FX, EURUSD continues to trade below its recent highs. The pair remains in a short-term bull cycle - a correction. Attention is on the 50-day EMA, at 1.0456. A clear break of the average would strengthen bullish conditions and signal scope for a continuation higher near-term. This would open 1.0574, 38.2% of the Sep 25 - Jan 13 bear leg. Initial support to watch remains 1.0392, the 20-day EMA. A clear break of the EMA would signal a possible reversal.
  • A bull cycle in GBPUSD remains in play and the pair is trading just below its recent highs. Sights are on the 50-day EMA, at 1.2514 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged and remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10. Clearance of this level resumes a downtrend. First support to watch is 1.2398, the 20-day EMA.
  • The primary trend condition in USDJPY remains bullish. However, Monday’s move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. A resumption of weakness would open 152.55, 61.8% of the Dec 3 - Jan 10 bull leg. Initial firm resistance is at 156.75, the Jan 23 high. Clearance of this level would be a bullish development.
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  • In FX, EURUSD continues to trade below its recent highs. The pair remains in a short-term bull cycle - a correction. Attention is on the 50-day EMA, at 1.0456. A clear break of the average would strengthen bullish conditions and signal scope for a continuation higher near-term. This would open 1.0574, 38.2% of the Sep 25 - Jan 13 bear leg. Initial support to watch remains 1.0392, the 20-day EMA. A clear break of the EMA would signal a possible reversal.
  • A bull cycle in GBPUSD remains in play and the pair is trading just below its recent highs. Sights are on the 50-day EMA, at 1.2514 and an important resistance. Clearance of the average would highlight a stronger bull cycle. Medium-term trend signals are unchanged and remain bearish. A reversal lower would refocus attention on 1.2100, the Jan 10. Clearance of this level resumes a downtrend. First support to watch is 1.2398, the 20-day EMA.
  • The primary trend condition in USDJPY remains bullish. However, Monday’s move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. A resumption of weakness would open 152.55, 61.8% of the Dec 3 - Jan 10 bull leg. Initial firm resistance is at 156.75, the Jan 23 high. Clearance of this level would be a bullish development.