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Price Signal Summary - USDJPY Bear Phase Still In Play

OUTLOOK
  • In FX, EURUSD bullish conditions remain intact and the pair traded higher Tuesday. Recent gains have confirmed a positive price sequence of higher highs and higher lows on the daily chart - the definition of an uptrend. Note too that moving average studies highlight a bull mode set-up. The focus is on 1.0536, the late June high. Initial support lies at 1.0272/0163, the Nov 14 / 11 lows respectively.
  • GBPUSD traded to new multi-month highs at 1.2028 on Tuesday. The trend is up, but technical signals point to a moderation of gains going forward. Prices have pierced the 3.0% 10-dma envelope which was followed by a pull lower in spot - an indication that the trend condition is nearing overbought territory. A move lower, if seen, would likely be a correction. Yesterday’s high of 1.2028 is the trigger for a resumption of gains. The focus is on 1.2069 next, the 1.00 projection of the Sep 26 - Oct 5 - 12 price swing.
  • Short-term trend conditions in USDJPY remain bearish and the pair is trading at its recent lows. 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 reinforce bearish conditions and signal scope for a move to 137.37, the Aug 29 low. The 50-day EMA at 114.14 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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