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

OUTLOOK
  • In FX, EURUSD traded sharply higher Wednesday, confirming once again an extension of the bull leg that started Apr 16. The move higher highlights a clear bear channel breakout - price is through the top of at 1.0829 and the channel is drawn from the Dec 28 high. The break signals scope for a climb towards 1.0933, 61.8% of the Dec 28 - Apr 16 bear leg. First support lies at 1.0829, the former channel top.
  • GBPUSD traded sharply higher Wednesday, reinforcing the current bullish tone. Resistance at 1.2634, the May 3 high, has been cleared. The breach confirms a resumption of the current bull cycle and opens 1.2709 next, the Apr 9 high, ahead of 1.2754, 76.4% of the Mar 8 - Apr 22 bear leg. On the downside, initial firm support lies at 1.2568, the 50-day EMA.
  • USDJPY faded off the week’s highs yesterday and has traded lower today before finding support. The reversal from recent highs signals the end of the corrective recovery between May 3 - 14, and a possible resumption of a bearish cycle. Attention is on 153.27, the 50-day EMA, and 152.25, trendline support drawn from the Dec 28 low. Clearance of these two supports would strengthen a bearish threat. Initial firm resistance is 156.74, May 14 high.
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