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OUTLOOK: Price Signal Summary - Gains In USDJPY Considered Corrective

OUTLOOK
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  • In FX, EURUSD traded higher Tuesday, extending the current bull cycle and once again, this marks a continuation of the reversal on Feb 3. Note that MA studies have recently crossed and are in a bull-mode position, highlighting a dominant uptrend. Bulls have their sights on 1.0961 next, the 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg. Initial key support to watch lies at 1.0517, the 50-day EMA. The uptrend is overbought, a pullback would allow this set-up to unwind. First support is 1.0766, the Mar 6 low.
  • The trend in GBPUSD is unchanged, it remains bullish. Moving average studies have recently crossed into a bull-mode position, highlighting a clear dominant uptrend. A Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A clear break of this level would open 1.2990, the Nov 8 2024 high. Initial firm support is 1.2618, the 50-day EMA. A pullback would be considered corrective. First support lies at 1.2768, the Mar 5 low.
  • A bear cycle in USDJPY remains in play and this week’s fresh cycle lows strengthen a bearish theme. The move down has resulted in a print below 146.95, 61.8% of the Sep 16 ‘24 - Jan 10 bull leg. Sights are on 145.92 next, the Oct 4 2024 low. Moving average studies remain in a bear-mode set-up, highlighting a dominant downtrend. Key short-term resistance is unchanged at 151.30, the Mar 3 high. Clearance of this level is required to signal a base. Short-term gains are - for now - considered corrective.
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  • In FX, EURUSD traded higher Tuesday, extending the current bull cycle and once again, this marks a continuation of the reversal on Feb 3. Note that MA studies have recently crossed and are in a bull-mode position, highlighting a dominant uptrend. Bulls have their sights on 1.0961 next, the 76.4% retracement of the Sep 25 ‘24 - Feb 3 bear leg. Initial key support to watch lies at 1.0517, the 50-day EMA. The uptrend is overbought, a pullback would allow this set-up to unwind. First support is 1.0766, the Mar 6 low.
  • The trend in GBPUSD is unchanged, it remains bullish. Moving average studies have recently crossed into a bull-mode position, highlighting a clear dominant uptrend. A Fibonacci retracement at 1.2924, 61.8% of the Sep 26 ‘24 - Jan 13 bear leg, has been pierced. A clear break of this level would open 1.2990, the Nov 8 2024 high. Initial firm support is 1.2618, the 50-day EMA. A pullback would be considered corrective. First support lies at 1.2768, the Mar 5 low.
  • A bear cycle in USDJPY remains in play and this week’s fresh cycle lows strengthen a bearish theme. The move down has resulted in a print below 146.95, 61.8% of the Sep 16 ‘24 - Jan 10 bull leg. Sights are on 145.92 next, the Oct 4 2024 low. Moving average studies remain in a bear-mode set-up, highlighting a dominant downtrend. Key short-term resistance is unchanged at 151.30, the Mar 3 high. Clearance of this level is required to signal a base. Short-term gains are - for now - considered corrective.