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OUTLOOK: Price Signal Summary - Pullback In USDJPY Appears Corrective For Now

OUTLOOK
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  • In FX, the trend condition in EURUSD remains bearish and this week’s recovery appears corrective. Recent weakness resulted in a print below 1.0226, the Jan 2 low. The breach of this support confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Sights are on 1.0138 next, 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Resistance to watch is 1.0437, the Jan 6 high.
  • The trend condition in GBPUSD remains bearish and the pair is trading closer to its recent lows. The latest sell-off confirmed a resumption of the downtrend and an extension of the price sequence of lower lows and lower highs. Sights are on 1.2087 next, a 0.764 projection of the Sep 26 - Nov 22 - Dec 6 price swing. Initial firm resistance is at 1.2414, the 20-day EMA.
  • The trend condition in USDJPY is unchanged, it remains bullish and the latest move lower is considered corrective - for now. The pair has traded through the 20-day EMA and an extension lower would signal scope for a deeper retracement. The next support to watch is 154.90, the 50-day EMA. A return higher and a breach of 158.87, the Jan 10 high, would confirm a resumption of the uptrend.
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  • In FX, the trend condition in EURUSD remains bearish and this week’s recovery appears corrective. Recent weakness resulted in a print below 1.0226, the Jan 2 low. The breach of this support confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Sights are on 1.0138 next, 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Resistance to watch is 1.0437, the Jan 6 high.
  • The trend condition in GBPUSD remains bearish and the pair is trading closer to its recent lows. The latest sell-off confirmed a resumption of the downtrend and an extension of the price sequence of lower lows and lower highs. Sights are on 1.2087 next, a 0.764 projection of the Sep 26 - Nov 22 - Dec 6 price swing. Initial firm resistance is at 1.2414, the 20-day EMA.
  • The trend condition in USDJPY is unchanged, it remains bullish and the latest move lower is considered corrective - for now. The pair has traded through the 20-day EMA and an extension lower would signal scope for a deeper retracement. The next support to watch is 154.90, the 50-day EMA. A return higher and a breach of 158.87, the Jan 10 high, would confirm a resumption of the uptrend.