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Price Signal Summary - Bull Flag In USDJPY

OUTLOOK
  • In FX, EURUSD maintains a softer tone and for now, short-term gains are considered corrective. The move down this week reinforces a bearish theme and attention is on key support at 1.0695, the Feb 14 low and bear trigger. A break of this level would confirm a resumption of the bear leg that started Dec 28. On the upside, initial firm resistance is at the 20-day EMA, at 1.0831.
  • A bearish threat in GBPUSD remains present and this week’s move lower reinforces this theme. Monday’s breach of 1.2575, the Mar 22 low, paves the way for a test of 1.2519, the Feb 5 low and a key support. Clearance of this level would strengthen the bearish theme and open 1.2465, 50.0% of the Oct 4 - Mar 8 bull leg. First resistance is 1.2659, the 20-day EMA.
  • USDJPY is unchanged. A bullish theme remains intact and the latest pause appears to be a flag - a bullish continuation pattern. MA studies are in a bull-mode position too highlighting an uptrend. Sights are on 151.91/95, the Nov 13 high and Oct 1 ‘22 highs respectively. The resistance has been pierced, a clear break would confirm a resumption of the L/T uptrend and open 152.66,1.236 proj of the Feb 1 - 13 - Mar 8 price swing. Support is at 150.58, 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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