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Price Signal Summary - USDJPY Bearish Price Sequence Extends

OUTLOOK
  • In FX, EURUSD trend conditions remain bullish. Last week’s gains resulted in a break of 1.0787, the May 30 2022 high and a key resistance. The breach reinforces the bullish theme. Note too that moving average studies continue to highlight a bullish backdrop. The climb opens 1.0913 next, the 2.764 projection of the Sep 28 - Oct 4 - Oct 13 price swing. Key support has been defined at 1.0484, the Jan 6 low. Initial firm support lies at 1.0665, the 20-day EMA.
  • GBPUSD has traded higher today. This reinforces current bullish conditions. Price has breached resistance at 1.2242, the Dec 19 high and a continuation higher would pave the way for a climb towards 1.2303, a Fibonacci retracement. Further out, this would expose 1.2446, the Dec 14 high and a key resistance. Initial support is seen at 1.2083, the Jan 9 low.
  • The downtrend in USDJPY remains intact and last week’s move lower confirmed a resumption of the trend - support at 129.52, Jan 3 low, has been breached. MA studies remain in a bear mode condition and a bearish price sequence highlights a clear bear cycle. Furthermore, the 50- and 200-dmas have crossed, highlighting a potential bearish death cross. The focus is on 126.81, the 1.382 projection of the Oct 31 - Nov 15 - 21 price swing. Initial resistance is at 129.52, the Jan 3 low and a recent breakout point.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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