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Price Signal Summary - USDJPY Bull Cycle Extends

OUTLOOK
  • In FX, EURUSD remains in a bear-mode condition and Friday’s sell-off reinforces current conditions. The break lower resulted in a breach of key support at 1.0695, the Feb 14 low and bear trigger. This confirms a resumption of this year's bear cycle and sights are on 1.0611 next, 76.4% of the Oct - Dec bull rally. A break of this level would open 1.0568, the Nov 2 2023 low. Initial resistance is at 1.0757 High Apr 11.
  • A bearish theme in GBPUSD remains intact and Friday’s extension reinforces current conditions. Support at 1.2519, the Feb 5 low and a bear trigger, has been breached. The clear break strengthens a bearish theme and highlights a stronger reversal signal. Scope is seen for an extension towards 1.2364, 61.8% retracement of the Oct 4 - Mar 8 bull leg. On the upside, initial firm resistance has been defined at 1.2709, the Apr 10 high. First resistance is at 1.2540, the Apr 2 / 1 low.
  • USDJPY has traded to a fresh cycle high today. Last week’s rally resulted in a break of key resistance at 151.91/95, the Nov 13 ‘23 and Oct 1 ‘22 highs respectively. This confirmed a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too. Sights are on 153.98 next, 1.50 projection of the Feb 1 - 13 - Mar 8 price swing. Initial firm support lies at 151.58, the 20-day EMA.
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