Free Trial

Price Signal Summary - Bearish USDJPY Threat Remains Present

OUTLOOK
  • In FX, EURUSD remains above Monday’s low of 1.0223. Attention is on the key short-term resistance at 1.0479, the Nov 15 high and a bull trigger. A break would confirm a resumption of the uptrend and open 1.0536, the Jun 29 high. On the downside, key short-term support has been defined at 1.0223, the Nov 21 low.
  • This week’s climb in GBPUSD marks an extension of the bullish price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position too, highlighting current sentiment. The focus is on 1.2192, the 200-dma. On the downside, key short-term support is seen at 1.1737, the 20-day EMA.
  • USDJPY short-term trend conditions remain bearish. The sell-off from Monday’s high signals the end of the recent corrective bounce between Nov 15 - 22. Attention is on the bear trigger at 137.68, the Nov 15 low where a break would confirm a resumption of the downtrend and open 137.37, the Aug 29 low. Key short-term resistance has been defined at 142.25, the Nov 21 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.