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

OUTLOOK
  • In FX, a bullish theme in EURUSD remains intact and last week’s shallow pullback appears to be a correction and a bull flag formation - a bullish continuation pattern. A resumption of gains would expose 1.0764, 38.2% retracement of the Jul 18 - Oct 3 bear leg, and a break of this level would open 1.0809, the Sep 4 high. Firm support is at 1.0517, the Nov 1 low, a break would be bearish. Initial firm support is 1.0638, the 20-day EMA.
  • A short-term bull cycle in GBPUSD remains in play and last week’s move lower appears to be a correction. A doji candle on Friday - if correct - represents a short-term reversal signal. A resumption of gains would refocus attention on resistance at 1.2428, the Nov 6 high and bull trigger. Clearance of this level would open the 200-dma at 1.2435 and 1.2459, 38.2% of the Jul 13 - Oct 4 bear leg. Support to watch lies at 1.2185, the Nov 3 low.
  • The USDJPY trend outlook remains bullish and the pair has started the week on a firm note. Price has traded above 151.72, the Oct 31 high and a bull trigger, to confirm a resumption of the uptrend. This reinforces a bullish theme and note that moving average studies are still in a bull-mode position, reflecting the market's positive sentiment. Sights are on 151.95, the Oct 21 2022 high and a major resistance. Support is at 150.25, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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