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Price Signal Summary - USDJPY Bulls Have Their Sights On 150.00

OUTLOOK
  • In FX, the EURUSD trend condition remains bearish and the pair traded to a fresh cycle low on Wednesday, extending the current bearish run. The move lower maintains the bearish price sequence of lower lows and lower highs and moving average studies are in a bear mode position. Sights are on 1.0484 next, the Jan 6 low. Initial firm resistance is at 1.0685, the 20-day EMA. A break would signal the start of a possible correction.
  • GBPUSD remains in a clear downtrend, and the pair is trading just above this week’s lows. The extension lower this week reinforces bearish conditions and maintains the bearish price sequence of lower lows and lower highs, The focus is on 1.2075, 38.2% of the Sep ‘22 - Jul ‘23 bull leg. On the upside, initial firm resistance is seen at 1.2387, the 20-day EMA. Short-term gains would be considered corrective.
  • The USDJPY trend needle continues to point north and the pair traded to a fresh cycle high Wednesday. Moving average studies remain in a bull mode position, highlighting the market's positive sentiment. 149.71, the Oct 24 2022 high, has been tested and attention is on the psychological 150.00 handle. A break of this barrier would reinforce bullish conditions. On the downside, firm trend support lies at 145.91, the Sep 11 low. Initial support is at 147.67, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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