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Price Signal Summary - USDJPY Approaches 150.00

OUTLOOK
  • In FX, the EURUSD is trading above last week’s low. Short-term gains are considered corrective and the trend condition is bearish. Recent fresh cycle lows maintain the price sequence of lower lows and lower highs and moving average studies are in a bear mode position. A resumption of the trend would open 1.0484 next, the Jan 6 low. Initial firm resistance is at 1.0664, the 20-day EMA.
  • GBPUSD bears remain in the driver’s seat and short-term gains are considered corrective. The extension lower last week strengthens the case for bears and maintains the downtrend price sequence of lower lows and lower highs. Moving average studies are in bear-mode position, reflecting current market sentiment. The focus is on 1.2075, 38.2% of the Sep ‘22 - Jul ‘23 bull leg. Initial firm resistance is seen at 1.2353, the 20-day EMA.
  • The USDJPY trend outlook is unchanged and remains bullish. Today’s fresh cycle high reinforces current conditions and moving average studies are in a bull mode position, highlighting the market's positive sentiment. Attention is on the psychological 150.00 handle. A break of this barrier would reinforce bullish conditions and open 150.40, the 2.618 projection of the Jan 16 - Mar 8 - Mar 24 price swing . Initial firm support lies at 147.97, 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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