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OUTLOOK: Price Signal Summary - USDJPY Bears Remain In The Driver's Seat

OUTLOOK
CEEMEABulletUKMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, short-term bullish conditions in EURUSD remain intact and attention is on key resistance at 1.0533, the Jan 27 high and a reversal trigger. A clear breach of this level would strengthen a bullish condition and pave the way for a climb towards 1.0630, the Dec 6 high. For bears, initial firm support to watch is unchanged at 1.0401, the Feb 19 low. A move through this support would signal a potential reversal threat.
  • The current bullish trend condition in GBPUSD remains intact, with the pair building on its recent gains. A positive price sequence of higher highs and higher lows remains in place and note that moving average studies have crossed into a bull-mode position, highlighting a potentially stronger bull cycle. An extension would open 1.2767, the 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg. Initial firm support to watch is 1.2534, the 50-day EMA.
  • USDJPY bears have paused for breath. The trend needle points south and the pair is trading at its recent lows. Note that support at 148.65, the Dec 3 ‘24 low, has been pierced. A clear break of this level would strengthen the bearish condition and pave the way for an extension towards 146.95, 61.8% of the Sep 16 ‘24 - Jan 10 bull leg. On the upside, initial firm resistance to watch is 151.75, the 20-day EMA.
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  • In FX, short-term bullish conditions in EURUSD remain intact and attention is on key resistance at 1.0533, the Jan 27 high and a reversal trigger. A clear breach of this level would strengthen a bullish condition and pave the way for a climb towards 1.0630, the Dec 6 high. For bears, initial firm support to watch is unchanged at 1.0401, the Feb 19 low. A move through this support would signal a potential reversal threat.
  • The current bullish trend condition in GBPUSD remains intact, with the pair building on its recent gains. A positive price sequence of higher highs and higher lows remains in place and note that moving average studies have crossed into a bull-mode position, highlighting a potentially stronger bull cycle. An extension would open 1.2767, the 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg. Initial firm support to watch is 1.2534, the 50-day EMA.
  • USDJPY bears have paused for breath. The trend needle points south and the pair is trading at its recent lows. Note that support at 148.65, the Dec 3 ‘24 low, has been pierced. A clear break of this level would strengthen the bearish condition and pave the way for an extension towards 146.95, 61.8% of the Sep 16 ‘24 - Jan 10 bull leg. On the upside, initial firm resistance to watch is 151.75, the 20-day EMA.