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Price Signal Summary - USDJPY Bull Cycle Remains In Play

OUTLOOK
  • This week’s move lower in FX, EURUSD has resulted in the break of a trendline drawn from the Nov 1 low. The clear break strengthens a bearish threat and signals scope for a continuation of the corrective cycle. Note that key support at 1.0877, Jan 5 low, has been pierced. A clear breach would further reinforce bearish conditions and open 1.0793,50.0% of the Oct - Dec bull leg. Resistance is at 1.0998, Jan 5 high. A break would signal a reversal.
  • GBPUSD traded lower yesterday but has managed to recover from this week’s lows. The pair has pierced a key short-term support at 1.2611, the Jan 2 low and traded through the 50-day EMA, at 1.2618. A clear break of both support points would highlight a short-term top and signal scope for a deeper retracement. This would open 1.2500, the Dec 13 low. Key resistance is at 1.2827, the Dec 28 high. Initial resistance is at 1.2695, the 20-day EMA. Key resistance and the bull trigger is at 1.2827, the Dec 28 high.
  • USDJPY traded higher again Wednesday as the pair extended the recovery that started Dec 28. This week’s gains have resulted in a break of 146.41, the Jan 11 high, confirming a resumption of the bull cycle. The move higher opens 149.16 next, 76.4% of the Nov 13 - Dec 28 bull leg. A key short-term support has been defined at 144.36, the Jan 12 low. Clearance of this level is required to signal a top and highlight a resumption of bearish activity.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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