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Price Signal Summary - USDJPY Bull Cycle Extends

OUTLOOK
  • In FX, the uptrend in EURUSD remains intact and the pair is trading above support at 1.0892, the 20-day EMA. The recent break of 1.1033, Feb 2 high, reinforces bullish conditions and maintains a positive trend sequence of higher highs and higher lows. Scope is seen for a climb to 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing and 1.1185, the Mar 31 2022 high. On the downside, a break of the 20-day EMA would suggest scope for a deeper retracement.
  • GBPUSD remains in an uptrend and the latest pullback is considered corrective - for now. The pair has pierced support at 1.2369 the 20-day EMA. A clear break of this average would signal scope for a deeper correction. On the upside, a resumption of gains would refocus attention on last Friday’s 1.2546 high where a break would resume the uptrend and open 1.2599, the Jun 7 2022 high. Support below the 20-day EMA lies at 1.2345, the Apr 10 low.
  • The current short-term uptrend in USDJPY remains intact and the pair is trading higher today. Resistance at 134.75, the 61.8% retracement of the Mar 8 - 24 bear leg, has been cleared. This strengthens the current bullish theme and signals scope for a climb towards 135.96 next, the 76.4% retracement. On the downside, initial firm support lies at 133.07, the 20-day EMA. Key short-term support is at 132.02, the Apr 13 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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