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Price Signal Summary - USDJPY Bear Cycle Remains Intact

OUTLOOK
  • In FX, EURUSD remains in a bear-mode condition for now and price traded lower Thursday, confirming a resumption of the current bear leg. The pair has breached the 50-day EMA and this signals scope for a deeper retracement towards 1.0774. A clear reversal higher would highlight the end of the current corrective cycle and open key resistance at 1.0948, the Jul 17 high. Initial firm resistance is 1.0870, the Jul 25 / 29 high.
  • GBPUSD remains in a bear-mode condition and the pair traded lower Thursday. The move down has resulted in a break of the 50-day EMA - at 1.2790 - and a trendline at 1.2759, drawn from the Apr 22 low. The clear break of the EMA and the trendline, suggests scope for an extension towards the 1.2700 handle next, and 1.2672, the 50.0% retracement of the Apr 22 - Jul 17 bull cycle. Initial resistance to watch is at 1.2790, the 50-day EMA.
  • USDJPY remains bearish and this week’s sell-off reinforces the current condition. The move down confirms a resumption of the downtrend and price has traded through a key chart point at the 150.00 handle. Furthermore, 148.54, 61.8% of the Dec 28 ‘23 - Jul 3 upleg, has been pierced. A resumption of weakness would open 148.04, the Mar 15 low. Key short-term resistance has been defined at 155.22, the Jul 30 high. Initial resistance is 151.94, the Jul 25 low.
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