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Price Signal Summary - USDJPY Bull Cycle Extends

OUTLOOK
  • In FX, a bearish theme in EURUSD remains intact and recent shallow gains appear to be a correction. The recent breach of support at 1.0720, the Jun 11 low, strengthens a bearish theme. Note too that 1.0675, 76.4% of the Apr 16 - Jun 4 bull leg, has been pierced. A clear break of this level would open 1.0650 next, the May 1 low. Initial firm resistance is at 1.0794, the 50-day EMA.
  • The GBPUSD trend condition remains bullish, however, the recent sell-off is a concern for bulls and price continues to trade closer to its recent lows. Key short-term support to watch lies at 1.2674, the 50-day EMA. It has been pierced, a clear break of it would undermine the bullish theme and signal scope for a deeper correction, opening 1.2584 initially, May 15 low. For bulls, a reversal higher and a break of 1.2860, the Jun 12 high, resumes the uptrend.
  • The trend signal in USDJPY is unchanged, it remains bullish and the pair is trading higher today. An important resistance at 157.71, the May 29 high, has recently been breached. This confirmed a resumption of the short-term bull cycle and note that price has also traded through 158.21, 76.4% of the Apr 29 - May 3 sell-off. A clear break of this price point would open 160.17, the Apr 29 high and a key resistance. Initial support is 156.74, the 20-day EMA.
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