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Price Signal Summary - Impulsive USDJPY Bear Wave Extends

OUTLOOK
  • In FX, EURUSD remains in a bear-mode condition for now. The pair has pierced support around the 50-day EMA, at 1.0818. It marks an important short-term pivot support and a clear break of it would signal scope for a deeper retracement towards 1.0774, 61.8% retracement of the Jun 26 - Jul 17 bull phase. A reversal higher would highlight the end of the current corrective cycle and open the key resistance at 1.0948, the Jul 17 high. Initial resistance is1.0870, the Jul Jul 25 / 29 high.
  • GBPUSD is trading closer to its recent lows and the bear cycle that started Jul 17, remains intact. Support at the 20-day EMA has been cleared and this signals scope for a move towards 1.2789, the 50-day EMA. The latest move down appears to be a correction - for now. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger is unchanged at 1.3044, the Jul 17 high. Initial resistance is 1.2938, the Jul 24 high.
  • The current trend condition in USDJPY remains bearish and today’s sharp sell-off reinforces current conditions. The move down confirms a resumption of the downtrend price is approaching the next key chart point at the 150.00 handle. A break of this level would pave the way for weakness towards 148.54,50% retracement of the Dec 28 ‘23 - Jul 3 upleg. On the upside, key short-term resistance has been defined at 155.22, the Jul 30 high.
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