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OUTLOOK: Price Signal Summary - USDJPY Bull Cycle Remains In Play

OUTLOOK
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  • In FX, EURUSD traded sharply lower Wednesday, reinforcing a bearish theme. The pair is trading at this week’s lows and the sell-off paves the way for a move towards key support at 1.0335, the Nov 22 low and bear trigger. A break of this level would confirm a resumption of downtrend and open 1.0311, 1.382 projection of the Sep 25 - Oct 23 - Nov 5 price swing. MA studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0509, the 20-day EMA.
  • A clear bearish theme in GBPUSD remains intact and this week’s move lower reinforces current conditions. The pair has pierced key support at 1.2487, the Nov 22 low. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high. First resistance is 1.2609, the Dec 13 low.
  • USDJPY bullish conditions remain intact and yesterday’s gains reinforce current conditions. Thursday’s breach of 156.75, the Nov 15 high and bull trigger, strengthens bullish conditions. The move higher has confirmed a resumption of the uptrend and opens 159.45, the Jul 12 high. Initial firm support is 153.05, the 20-day EMA. A pullback would be considered corrective.
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  • In FX, EURUSD traded sharply lower Wednesday, reinforcing a bearish theme. The pair is trading at this week’s lows and the sell-off paves the way for a move towards key support at 1.0335, the Nov 22 low and bear trigger. A break of this level would confirm a resumption of downtrend and open 1.0311, 1.382 projection of the Sep 25 - Oct 23 - Nov 5 price swing. MA studies are in a bear-mode position, highlighting a dominant downtrend. Initial firm resistance is at 1.0509, the 20-day EMA.
  • A clear bearish theme in GBPUSD remains intact and this week’s move lower reinforces current conditions. The pair has pierced key support at 1.2487, the Nov 22 low. A clear breach of this level would confirm a resumption of the downtrend and open 1.2446 next, the May 9 low. Moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key resistance to monitor is 1.2811, the Dec 6 high. First resistance is 1.2609, the Dec 13 low.
  • USDJPY bullish conditions remain intact and yesterday’s gains reinforce current conditions. Thursday’s breach of 156.75, the Nov 15 high and bull trigger, strengthens bullish conditions. The move higher has confirmed a resumption of the uptrend and opens 159.45, the Jul 12 high. Initial firm support is 153.05, the 20-day EMA. A pullback would be considered corrective.