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Price Signal Summary - Bull Flag Formation In USDJPY

OUTLOOK
  • In FX, EURUSD resistance around the 50-day EMA - at 1.0834 - is proving to be a difficult hurdle for bulls. A clear break of this average is required to signal a short-term reversal. Last week’s high of 1.0888 is also seen as a key short-term resistance. A break would open 1.0932, the Jab 24 high. Note that the price pattern on Feb 22 is a shooting star candle (inverted hammer) and a possible reversal signal. A move lower would open 1.0695, the Feb 14 low.
  • A broader bear threat in GBPUSD remains present and recent gains appear to be a correction. A reversal lower would refocus attention on key support and the bear trigger at 1.2519, the Feb 5 low. Clearance of this level would open 1.2500, the Dec 13 low, and 1.2432, 50.0% of the Oct 4 - Dec 28 bull phase. For bulls initial resistance to watch is 1.2775, the Jan 25 high.
  • The USDJPY trend outlook remains bullish and the latest pause appears to be a bull flag formation. This reinforces current positive conditions. A resumption of the trend would pave the way for a climb towards 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. On the downside, initial firm support lies at 149.28, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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