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Price Signal Summary - Key Resistance In USDJPY Remains Intact For Now

OUTLOOK
  • In FX, a bearish theme in EURUSD remains intact following the reversal from the Mar 21 high and short-term gains are considered corrective. Support at 1.0835, the Mar 19 low, has been breached. A continuation lower would open 1.0796, the Feb 29 low. Clearance of this level would strengthen a bearish theme. For bulls, a move above 1.0943, the Mar 21 high, is required to expose key resistance at 1.0981, the Mar 8 high. Initial resistance is at 1.0864, the 20-day EMA.
  • A sharp sell-off in GBPUSD late last week has strengthened a short-term bearish threat and the pair is trading closer to its recent lows. 1.2600, the Mar 1 low, has been breached and this paves the way for a move towards 1.2536, Feb 14 low and 1.2519, Feb 5 low and a key support. MA studies continue to highlight an uptrend. A break of 1.2803, the Mar 21 high, is required to ease bearish pressure. First resistance is 1.2698, the 20-day EMA.
  • The pause in USDJPY appears to be a flag formation - a bullish continuation pattern. If correct, it suggests today’s pullback is a correction. MA studies remain in a bull-mode position, highlighting a clear uptrend. Sights are on 151.91/95, the Nov 13 high and Oct 1 ‘22 highs respectively. This resistance has been tested, a clear break would resume the long-term uptrend and open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Support is at 150.01, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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