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Price Signal Summary - Key Resistance In USDJPY Remains Intact

OUTLOOK
  • In FX, EURUSD trend signals remain bearish. A downward sequence of lower lows and lower highs remains intact, highlighting a bear trend and price remains below 20- and 50-day EMAs. The focus is on 1.0551, the Mar 16 low. A firm resistance is seen at 1.0772, the 20-day EMA. A break of this average would ease bearish pressure and signal scope for a stronger correction.
  • The pullback in GBPUSD from 1.2545, Jun 2 high, highlights a bearish threat and this level represents a key short-term resistance. Note that, despite a brief test above it last week, 61.8% of the May 10 - 25 downleg at 1.2538 remains intact - an important resistance. A continuation lower would open 1.2308, May 25 low and key support. Clearance of 1.2545 would reinstate the recent bull cycle.
  • The trend condition in USDJPY remains bullish. The pair continues to trade just ahead of key resistance at the top of a bull channel drawn from the Jan 16 low. The top intersects at 141.11 today. A clear break of this level would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal lower would highlight a potential top plus signal scope for a deeper pullback. Key support to watch is 138.61, the 20-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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