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Price Signal Summary - USDJPY Bear Threat Remains Present

OUTLOOK
  • In FX, EURUSD maintains a softer tone following this week’s extension lower. Price has pierced support at the 50-day EMA - at 1.0774. A clear break of this average would strengthen the current bearish theme and open 1.0733 next, 50.0% of the Oct 3 - Nov 29 rally, ahead of 1.0693, the Nov 14 low. On the upside, a strong reversal higher is required to refocus attention on key resistance and the bull trigger at 1.1017. Initial firm resistance is at 146.23, the Dec 4 low.
  • The trend direction in GBPUSD remains up and the recent pullback is considered corrective. Moving average studies remain in a bull-mode set-up, highlighting a rising trend. Initial firm support is seen at 1.2534, the 20-day EMA. A break of this average would signal scope for a deeper pullback and open 1.2442, the 50-day EMA. For bulls, the trigger for a resumption of the uptrend is at 1.2733, the Nov 29 high. A break would open 1.2800.
  • USDJPY maintains a softer tone and the pair traded sharply lower Thursday. The latest sell-off highlights a clear break of the trendline drawn from the Mar 24 low. This strengthens a bearish threat and signals scope for a continuation lower with sights on 140.71 next, 76.4% of the Jul 14 - Nov 13 bull run.The pair is - for now - trading above this week’s low of 141.71. Short-term gains are considered corrective. Initial firm resistance is at 146.23, Dec 4 low.
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