Price Signal Summary - EURUSD Bears Remain In The Driver's Seat

In FX, EURUSD traded lower Monday, starting the week on a bearish note. A downtrend remains intact for now. 1.0822, the Jan 23 low, has been breached and this confirms a resumption of the current downtrend. Sights are on 1.0793, 50.0% of the Oct - Dec bull leg. On the upside, clearance of 1.0932, the Jan 24 high, would signal scope for a stronger recovery. GBPUSD is in consolidation mode and continues to trade inside its range. Key resistance is at 1.2827, the Dec 28 high, and key support lies at 1.2597, the Jan 17 low. Both price points represent important directional triggers. A break of 1.2827 would resume the uptrend and open 1.2881, 76.4% of the Jul 14 - Oct 4 bear leg. For bears, clearance of 1.2597 would highlight a S/T reversal and signal scope for weakness towards the 1.2500 handle, the Dec 13 low. The USDJPY trend outlook remains bullish and the pair is holding on to the bulk of its recent gains. Moving average studies have recently crossed and are in a bull-mode set-up. This reinforces the current trend condition. Sights are on 149.16 next, 76.4% of the Nov 13 - Dec 28 bull leg. Initial firm support to watch lies at 146.14, the 50-day EMA.