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Price Signal Summary - USDJPY Bull Cycle Still In Play

OUTLOOK
  • In FX, EURUSD remains soft and traded lower again Thursday, reinforcing bearish conditions and confirming an extension of the bear cycle. The 1.0713 objective has been breached, the Mar 24 low. This signals scope for an extension towards 1.0653 next, 76.4% of the Mar 15 - Apr 26 bull run. A firm resistance is seen at 1.0860, the 20-day EMA. Clearance of this average is required to ease current bearish pressure.
  • GBPUSD bears remain in the driver’s seat and the pair traded lower Thursday. Support at the 50-day EMA has been cleared and price is also through 1.2345, the Apr 10 low. This signals scope for an extension of the bear cycle towards 1.2242 next, 50.0% of the Mar 8 - May 10 bull run. On the upside, initial firm resistance is at 1.2455, the 20-day EMA. A break above this average would signal a possible reversal.
  • USDJPY bullish conditions remain intact and the pair is holding on to its recent gains. The 140.00 handle has been pierced and sights are on a key resistance at 140.71, the top of a bull channel drawn from the Jan 16 low. On the downside, initial support lies at 137.77, the May 2 high. A short-term pullback would be considered corrective.
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