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Price Signal Summary - Pullback In USDJPY Appears To Be A Correction

OUTLOOK
  • In FX, EURUSD traded higher Thursday before reversing lower from the session high. Gains this week have resulted in a break of resistance at 1.0864, the Mar 26 high. This has improved conditions for bulls, highlighting a breach of both the 20- and 50-day EMAs. A resumption of gains would open 1.0943, the Mar 21 high. Key support lies at 1.0695, the Feb 14 low and marks the bear trigger.
  • A bearish threat in GBPUSD remains present - for now - despite this week’s gains. The pair has traded through resistance at 1.2665, the 50-day EMA. A clear break of this EMA would improve short-term conditions and signal scope for stronger recovery. This would open 1.2717, 50.0% of the Mar 8 - Apr 1 bear leg. For bears, key support to watch lies at 1.2519, the Feb 5 low.
  • The USDJPY trend needle points north and S/T weakness is considered corrective. A flag formation on the daily chart - a bullish continuation pattern, reinforces the uptrend and note that MA studies are in a bull-mode position too, highlighting a rising trend. A clear break of the major 151.91/95 hurdle, the Nov 13 ‘23 and Oct 1 ‘22 highs respectively, would resume the uptrend and open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Support is 150.75, 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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