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Price Signal Summary - Path Of Least Resistance In USDJPY Remains Up

  • In FX, EURUSD traded to a fresh weekly low last Thursday. Gains are considered corrective and trend remains in a bear mode position. The pair remains inside the bear channel drawn from the Feb 10 high. The focus is on 0.9536, the Sep 28 low.
  • GBPUSD is holding on to the bulk of its recent gains. A continuation would signal scope for a test and possible breach of 1.1495, the Oct 5 high and bull trigger. The pair has traded above the 20-day EMA and this has improved short-term conditions for bulls. A resumption of weakness would instead expose 1.0922 and 1.0787, the 50.0% and 61.8% retracement of Sep 26 - Oct 5 bull cycle.
  • USDJPY maintains a bullish tone and the path of least resistance is up. Last week's climb resulted in a break of 145.90, Sep 22 high and 147.66, the Aug 1998 high. This has opened 149.22 next, 3.382 projection of the Aug 2 - 8 - 11 price swing.

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