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Price Signal Summary - Bull Flag Formation In USDJPY

OUTLOOK
  • In FX, EURUSD maintains a softer tone following the reversal from last Thursday’s intraday high and short-term gains are considered corrective - for now. The pair has breached 1.0835, Mar 19 low. This reinstates a recent bearish threat and a continuation lower would signal scope for 1.0796, the Feb 29 low. A break of this level would strengthen a bearish theme. For bulls, clearance of 1.0943, Mar 21 high is required to expose key resistance at 1.0981, the Mar 8 high. Init resistance is at 1.0867, the 20-day EMA.
  • A sharp sell-off in GBPUSD late last week has strengthened a short-term bearish threat. The pair breached 1.2600, the Mar 1 low, and this paves the way for a move towards 1.2536, the Feb 14 low and 1.2519, the Feb 5 low and a key support. Moving average studies continue to highlight an uptrend. A break of last Thursday’s 1.2803 high is required to ease bearish pressure. First resistance is 1.2705, the 20-day EMA.
  • The latest pause in USDJPY appears to be a flag formation - a continuation pattern. The trend direction is up and moving average studies are in a bull-mode position, highlighting a clear uptrend. Sights are on 151.91 and 151.95, the Nov 13 high and Oct 1 ‘22 highs respectively. A break of this resistance would confirm a resumption of the long-term uptrend and open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Initial firm support is 149.84, 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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