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Price Signal Summary - USDJPY Bear Flag Reinforces The Current Bearish Condition

OUTLOOK
  • In FX, the EURUSD technical condition remains bullish following recent gains. A positive price sequence of higher highs and higher lows on the daily chart and a bullish moving average set-up highlights positive market sentiment. An extension would open 1.0536, the late June high. Short-term pullbacks would be considered corrective. Firm support lies at 1.0094 the Oct 27 high. Initial support lies at 1.0272/0163, the Nov 14 / 11 lows respectively.
  • The GBPUSD outlook remains bullish but it is worth noting that the trend is nearing overbought territory - prices on Tuesday, pierced the 3.0% 10-dma envelope which was followed by a pull lower in spot. A short-term pullback would be considered corrective. Tuesday’s high of 1.2028 is the trigger for a resumption of gains. Firm support lies at 1.1504, the 50-day EMA.
  • Short-term trend conditions in USDJPY remain bearish. The latest pause in the downtrend appears to be a bear flag formation, reinforcing the current downtrend. A resumption of weakness would open 137.37, the Aug 29 low. The pair has pierced 138.64, 61.8% of the Aug 2 - Oct 21 bull leg. A clear break of this key Fibonacci retracement would also reinforce bearish conditions. The 50-day EMA at 143.96 remains a key short-term resistance.|
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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