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Price Signal Summary - USDJPY Bull Cycle Extends

OUTLOOK
  • In FX, EURUSD is trading below Monday’s 1.0776 high. The trend is unchanged, it remains bearish and gains appear to be a correction. MA studies are in a bear-mode set-up highlighting a downtrend. Resistance to watch is 1.0770, the 50-day EMA. It has been pierced, a clear break would threaten the bearish theme and signal scope for a stronger recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. The bear trigger is 1.0666, Jun 26 low.
  • A bearish theme in GBPUSD remains present and S/T gains appear to be corrective - for now. Recent weakness resulted in the break of a key support at the 50-day EMA, signalling scope for a deeper correction. This has opened 1.2584, the May 15 low. For bulls, stronger recovery and a break of 1.2860, the Jun 12 high, would resume the uptrend. Initial firm resistance to watch is 1.2740, the Jun 19 high. A break would highlight an early reversal signal.
  • The trend in USDJPY remains bullish and the pair continues to appreciate. Last week’s breach of key resistance at 160.17, the Apr 29 high, confirmed a resumption of the primary uptrend and the bullish follow through since, reinforces current conditions. Note that moving average studies are in a bull mode position, highlighting positive market sentiment. Sights are on 162.21, 1.764 projection of the May 3 - 14 - 16 price swing. Support is at the 20-day EMA, at 159.07.
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