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Price Signal Summary - USDJPY Bull Cycle Remains In Play

OUTLOOK
  • In FX, EURUSD failed to hold on to Wednesday’s high of 1.0932 and remains inside the recent range. A break of 1.0932 would signal scope for a stronger recovery and expose key short-term resistance at 1.0998, the Jan 5 high. Clearance of this level would highlight a potential reversal. On the downside, a break of 1.0822, Tuesday’s low, would resume the recent bearish theme. This would open 1.0793, 50.0% of the Oct - Dec bull leg.
  • GBPUSD continues to trade inside its range with key resistance defined at 1.2827, the Dec 28 high, and key support at 1.2597, the Jan 17 low. Both levels represent important directional triggers. A clear break of 1.2827 would resume the uptrend and open 1.2881,76.4% retracement of the Jul 14 - Oct 4 bear leg. For bears, clearance of 1.2597 would highlight a short-term reversal and signal scope for weakness towards the 1.2500 handle, the Dec 13 low.
  • The USDJPY trend needle continues to point north and the pair is trading closer to its recent highs. Resistance at 146.41, the Jan 11 high, has recently been cleared and this confirmed a resumption of the bull cycle. Sights are on 149.16 next, 76.4% of the Nov 13 - Dec 28 bull leg. Key short-term support has been defined at 144.36, the Jan 12 low. A break of this level is required to signal a top. Initial firm support lies at 145.93, the 50-day EMA.
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