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Price Signal Summary - USDJPY Bulls Have The Year High In Their Sights

MARKET INSIGHT
  • In the equity space, S&P E-minis intraday volatility persisted this week, with the first support at the 20-day EMA of 4170.22 probed. Attention is on key resistance at 4238.25 May 10 high. The broader key trend support is unchanged at 4029.25, May 13 low.
  • In the FX space, price action Thursday worked against the EURUSD bullish outlook. The pair has breached the initial key short-term support at 1.2133, May 28 low. This has exposed the 50-day EMA at 1.2096, also seen as a key short-term support handle. GBPUSD traded above resistance at 1.4237, Feb 24 high earlier this week but has since pulled back. A clear break higher would confirm a resumption of the broader uptrend. Support to watch lies at 1.4092, May 27 low. This has been probed and any deeper pullback would expose 1.4006, May 13 low and the 50-day. USDJPY has breached 110.20, May 28 high, resuming the recent recovery. The focus is on 110.97, Mar 31 high. Key support is 109.33, Jun 1 low.
  • On the commodity front, Gold faced strong selling pressure yesterday and together with the recent overbought condition, the move lower suggests scope for a deeper corrective pullback. The next support is $1852.3, May 19 low. Trend conditions in Oil remain bullish. Brent (Q1) gains have opened $72.21 next, 0.764 projection of the Mar 23 - May 18 - May 21 price swing. WTI (N1) is approaching the $70.00 psychological level.
  • Within FI, Bunds (U1) remain below the 50-day EMA at 172.01. While it holds, the outlook is bearish. A clear break of the average is required to highlight scope for further gains. Support is at 170.99. May 31 low. Gilts (U1) remains below resistance at 127.74/82, highs between Apr 20 and May 26. A bearish risk remains present.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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