MNI BRIEF: China Third Plenum Expands International Opening

MNI BRIEF: BOJ Real Export Index Rises 0.5% Q/Q In Q2

MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: EUROZONE MAY CONSTRUCTION OUTPUT -0.9% M/M, -2.4% Y/Y

UK private regular wage growth shows big drop in single month figures

TLFS transition delayed again

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - USDJPY Bull Cycle Extends

OUTLOOK
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, EURUSD is holding on to its latest gains and has traded higher today, piercing resistance at 1.0726, the 20-day EMA. The move higher appears to be a correction that is allowing a recent oversold condition to unwind. A resumption of the downtrend would signal scope for weakness towards 1.0568 next, the Nov 2 2023 low, and 1.0537, the base of a bear channel drawn from the Dec 28 high. A clear break of the 20-day EMA would instead signal scope for a stronger recovery and open 1.0783, the 50-day EMA.
  • The trend condition in GBPUSD remains bearish and this week’s recovery appears to be a correction. The move higher is allowing an oversold condition to unwind. Moving average studies are in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. Sights are on 1.2266, the Nov 14 2023 low. Resistance at 1.2512, the 20-day EMA, has been pierced. Next resistance is 1.2586, the 50-day EMA.
  • The USDJPY trend condition remains bullish and the pair continues to appreciate. This week’s move higher confirms a resumption of the primary uptrend and the 155.00 handle has been cleared. Note too that moving average studies remain in a bull mode position. This set-up highlights a clear rising trend and sights are on the 156.47 next, the 2.00 projection of the Feb 1 - 13 - Mar 8 price swing. On the downside, support lies at 153.34, the 20-day EMA.
245 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • In FX, EURUSD is holding on to its latest gains and has traded higher today, piercing resistance at 1.0726, the 20-day EMA. The move higher appears to be a correction that is allowing a recent oversold condition to unwind. A resumption of the downtrend would signal scope for weakness towards 1.0568 next, the Nov 2 2023 low, and 1.0537, the base of a bear channel drawn from the Dec 28 high. A clear break of the 20-day EMA would instead signal scope for a stronger recovery and open 1.0783, the 50-day EMA.
  • The trend condition in GBPUSD remains bearish and this week’s recovery appears to be a correction. The move higher is allowing an oversold condition to unwind. Moving average studies are in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. Sights are on 1.2266, the Nov 14 2023 low. Resistance at 1.2512, the 20-day EMA, has been pierced. Next resistance is 1.2586, the 50-day EMA.
  • The USDJPY trend condition remains bullish and the pair continues to appreciate. This week’s move higher confirms a resumption of the primary uptrend and the 155.00 handle has been cleared. Note too that moving average studies remain in a bull mode position. This set-up highlights a clear rising trend and sights are on the 156.47 next, the 2.00 projection of the Feb 1 - 13 - Mar 8 price swing. On the downside, support lies at 153.34, the 20-day EMA.