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Price Signal Summary - Corrective Pullback In USDJPY

OUTLOOK
  • In FX, a bullish theme in EURUSD remains in play. The pair is again trading higher as it extends this week’s recovery. The move above 1.0772, the 50-day EMA, undermines the recent bearish theme and instead signals scope for further gains with the focus on 1.0852 next, the Jun 12 high. For bears, a resumption of weakness would refocus attention on the bear trigger at 1.0666, the Jun 26 low. Initial support to watch lies at 1.0755, the 20-day EMA.
  • GBPUSD extends this week’s gains. The latest move higher undermines the recent bearish theme and highlights a potential short-term reversal. Resistance at 1.2740, the Jun 19 high, has been cleared. The break of this hurdle is a bullish development and opens 1.2860, the Jun 12 high and a key resistance. Key support has been defined at 1.2613, the Jun 27 low. Clearance of this level is required to resume the recent bear leg. First support lies at 1.2676, the 50-day EMA.
  • The trend in USDJPY remains bullish and the latest pullback is considered corrective. The recent breach of key resistance at 160.17, the Apr 29 high, confirmed a resumption of the primary uptrend and the bullish follow through since, reinforces current conditions. Moving average studies are in a bull mode position, highlighting a rising trend. Sights are on 162.21, 1.764 projection of the May 3 - 14 - 16 price swing. Support to watch is at the 20-day EMA, at 159.51.
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