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Price Signal Summary - USDJPY Beaches Resistance At The Channel Top

OUTLOOK
  • In FX, EURUSD rallied sharply higher last week, extending the bull cycle that started at 1.0635 on May 31. A number of important retracement points have been cleared, reinforcing bullish conditions and this signals scope for an extension towards 1.0986, 76.4% of the Apr 26 - May 31 downleg. A break of this level would open 1.1054, the May 8 high. Initial firm support is last Thursday’s low of 1.0804.
  • GBPUSD traded sharply higher last week and cleared the 1.2680 former resistance, the May 10 high. This strengthens bullish conditions - 1.2680 was a key medium-term hurdle for bulls and opens 1.2849, the 0.618 projection of the Mar 8 - May 10 - May 25 price swing. Initial firm support is at last Thursday’s 1.2630 low.
  • USDJPY rallied Friday and traded above 141.50, the top of a bull channel drawn from the Jan 16 high. The break reinforces bullish conditions and confirms a resumption of the uptrend. This opens 142.25 next, the Nov 21 2022 high. On the downside, support to watch is at 139.42, the 20-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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