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Price Signal Summary - USDJPY Bear Threat Remains Present

OUTLOOK
  • In FX, EURUSD bullish conditions remain intact. Attention is on 1.1095, the Apr 26 high and bull trigger. - Clearance of this level would confirm a resumption of the uptrend and open 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing. Key short-term support has been defined at 1.0942, the May 2 low. A clear break of this level would signal scope for a deeper correction.
  • The trend outlook in GBPUSD remains bullish and a fresh cycle high Monday reinforces current conditions. The pair traded through 1.2599 last week, the Jun 7 2022 high and the focus is on 1.2767 next, 61.8% of the Jun 1 ‘21 - Sep 26 ‘22 downtrend. A bullish price sequence of higher highs and higher lows remains intact and moving average studies are in a bull mode position. Support to watch is at the 20-day EMA, which intersects at 1.2491.
  • USDJPY appears vulnerable near-term following last week’s bearish price action and despite the latest shallow recovery. Price has breached the 20-day EMA and pierced support at the 50-day EMA which intersects at 133.95. A clear breach of this EMA would undermine the recent bullish theme and signal scope for a deeper pullback. Key resistance is unchanged at 137.91, the Mar 8 high. Initial firm resistance is at 136.63, last Wednesday’s high.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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