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Price Signal Summary - USDJPY Bull Cycle Extends

OUTLOOK
  • In FX, EURUSD is trading lower today. Price has breached 1.0931, a trendline drawn from the Nov 1 low. A clear break of this trendline would strengthen a bearish threat and signal scope for a deeper correction. An additional key support to watch is 1.0877, the Jan 5 low. This level has been pierced and a clear breach would further reinforce bearish conditions and open 1.0793, 50.0% of the Oct - Dec bull leg. Resistance is at 1.0998, the Jan 5 high.
  • The trend outlook in GBPUSD is trading lower today. For now, the trend condition remains bullish. Sights are on resistance at 1.2827, the Dec 28 high and a bull trigger where a break would confirm a resumption of the uptrend and open 1.2881, 76.4% of the Jul 14 - Oct 4 bear leg. Initial firm support is at 1.2611, the Jan 2 low. The 50-day EMA lies just below at 1.2614. Clearance of both support points would highlight a short-term top and expose 1.2500, the Dec 13 low.
  • USDJPY is trading higher today as the pair extends the recovery that started Dec 28. Today’s gains have resulted in a break of 146.41, the Jan 11 high and this confirms a resumption of the bull cycle. The move higher opens 147.32, the Dec 7 high. A key short-term support has been defined at 143.42, the Jan 9 low. Clearance of this level is required to signal a top and highlight a resumption of bearish activity.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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