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Price Signal Summary - JPY Bulls Return

OUTLOOK
  • In FX, EURUSD remains below last week’s highs. The latest pullback is considered corrective - for now. Last week’s break higher confirmed a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. The focus is on 1.0736 next, the 2.382 projection of the Sep 28 - Oct 4 - 13 price swing. Initial support lies at 1.0528, the Dec 13 low.
  • GBPUSD is trading at its recent lows and the short-term outlook appears bearish. Attention is on the first key support at 1.2107, the Dec 7 low. It has been pierced, a clear break would pave the way for a move towards 1.1901, the Nov 30 low. On the upside, key short-term resistance has been defined at 1.2446, the Dec 14 high.
  • USDJPY has traded sharply lower today and in the process cleared key support and the bear trigger at 133.63, the Dec 2 low. This confirms a resumption of the current downtrend and paves the way for weakness towards 131.74, the Aug 11 low. Moving averages studies are in a bear-mode position and price remains below the 20-day EMA. This average is a key resistance - it intersects at 137.79.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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