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Price Signal Summary - Key Resistance In USDJPY Remains Exposed

OUTLOOK
  • In FX, EURUSD remains in an uptrend and last week’s fresh cycle high reinforces a bullish theme. A resumption of gains would open 1.1127,the 1.00 projection of the Mar 15 - 23 - 24 price swing. Note that moving average studies are in a bull-mode condition highlighting a rising trend. Key short-term support is unchanged at the 20-day EMA. It intersects at 1.0957. Following today’s move lower, the average has been pierced. A clear break would signal scope for a deeper correction towards 1.0858, the 50-day EMA.
  • The trend outlook in GBPUSD remains bullish and last Friday’s gains reinforce this theme. The pair traded higher to breach resistance at 1.2546, the Apr 14 high and bull trigger. This confirms a resumption of the uptrend and opens 1.2599, the Jun 7 2022 high. Support to watch is at the 20-day EMA, at 1.2435. A clear break of it is required to suggest scope for a deeper correction.
  • USDJPY rallied sharply higher last Friday and yesterday’s gains highlight a bullish start to the week. Friday’s rally resulted in a break of 135.13, the Apr 19 high, to confirm a resumption of the trend that started Mar 24. The pair has cleared a number of key short-term resistance points and this paves the way for a test of 137.91, the Mar 8 high and a key resistance. Initial support is seen at 136.14, Monday’s low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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