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Price Signal Summary - USDJPY Bull Cycle Remains In Play

OUTLOOK
  • In FX, EURUSD maintains a softer tone and the pair is trading closer to its recent lows. Recent weakness has resulted in a test of support at the 50-day EMA which intersects at 1.0975, and a trendline support at 1.0972. The trendline is drawn from the May 31 low. A clear break of both levels would strengthen a bearish threat and open 1.0867, the Jul 7 low. First key resistance is last Thursday’s 1.1150 high.
  • GBPUSD remains below last Thursday’s high of 1.2996. Last week’s move lower reinforces a bearish theme. Support at 1.2798 the Jul 24 low, has been breached and attention is on the 50-day EMA at 1.2745. Note that the base of a bull channel, drawn from the Mar 8 low and a key support, lies at 1.2729 today. A clear break of the 1.2745-29 support zone would strengthen a bearish theme. First key resistance is at 1.2996.
  • A strong rally on Friday in USDJPY bulls remain in the driver’s seat. Yesterday’s gains resulted in the break of a key short-term resistance at 141.96, the Jul 21 high. This has confirmed a resumption of the bull cycle that started Jul 14 and opens 143.03, the top of a bull channel drawn from the Jan 26 low. A break of this level would open 143.22, 76.4% of the Jun 30 - Jul 14 downleg. First key support has been defined at 138.07, the Jul 28 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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