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Price Signal Summary - USDJPY Bull Cycle Remains In Play

OUTLOOK
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  • In FX, recent weakness in EURUSD appears to be a correction. The current trend condition is unchanged and remains bullish following a bear channel breakout on May 15 - price cleared the top of a channel drawn from the Dec 28 high. Moving average studies have crossed and are in a bull-mode position, highlighting a rising trend. Sights are on 1.0933 next, 61.8% of the Dec 28 - Apr 16 bear leg. Initial firm support to watch lies at 1.0796, the 50-day EMA.
  • GBPUSD bulls remain in the driver’s seat and yesterday’s gains reinforces current bullish trend conditions. 1.2754 has been cleared, 76.4% of the Mar 8 - Apr 22 bear leg. This also reinforces current bullish conditions and paves the way for a climb towards 1.2803 next, the Mar 21 high. Initial firm support to watch is 1.2653, the 20-day EMA.
  • USDJPY has traded higher today and the current bull cycle remains in play. Resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off, has been breached. A continuation higher would open 157.99, the May 1 high. A reversal lower would again refocus attention on 154.26, the 50-day EMA, and 153.33, trendline support drawn from the Dec 28 low. Clearance of these two price points would be bearish.
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  • In FX, recent weakness in EURUSD appears to be a correction. The current trend condition is unchanged and remains bullish following a bear channel breakout on May 15 - price cleared the top of a channel drawn from the Dec 28 high. Moving average studies have crossed and are in a bull-mode position, highlighting a rising trend. Sights are on 1.0933 next, 61.8% of the Dec 28 - Apr 16 bear leg. Initial firm support to watch lies at 1.0796, the 50-day EMA.
  • GBPUSD bulls remain in the driver’s seat and yesterday’s gains reinforces current bullish trend conditions. 1.2754 has been cleared, 76.4% of the Mar 8 - Apr 22 bear leg. This also reinforces current bullish conditions and paves the way for a climb towards 1.2803 next, the Mar 21 high. Initial firm support to watch is 1.2653, the 20-day EMA.
  • USDJPY has traded higher today and the current bull cycle remains in play. Resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off, has been breached. A continuation higher would open 157.99, the May 1 high. A reversal lower would again refocus attention on 154.26, the 50-day EMA, and 153.33, trendline support drawn from the Dec 28 low. Clearance of these two price points would be bearish.