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Price Signal Summary - USDJPY Bulls Have Their Sights On Major Resistance

OUTLOOK
  • In FX, a bull theme in EURUSD remains intact, however, a corrective cycle continues to suggest scope for a continuation lower near-term. The pair has pierced the 50-day EMA, at 1.0860. A clear break of the average would open 1.0796, the Feb 29 low. For bulls, a resumption of gains and a break of 1.0981, the Mar 8 high, is required to reinstate the recent uptrend. Initial resistance is at 1.0906, the Mar 18 high.
  • GBPUSD traded lower Tuesday before recovering from the session low. The recent move down from 1.2894, Mar 8 high, appears to be a correction, however, the pair has pierced support at 1.2686, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 1.2600, Mar 1 low. Key resistance is at 1.2894. A break of it would resume the uptrend. First resistance is seen at 1.2759, the Mar 15 high.
  • USDJPY bulls remain in the driver’s seat and the pair has traded higher today. Price is through key S/T resistance at 150.89, the Feb 13 high and this confirms a resumption of the uptrend. Sights are on 151.91 and 151.95, the Nov 13 high and Oct 1 ‘22 highs respectively. Clearance of this resistance would confirm a resumption of the long-term uptrend. A break would open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Initial firm support is 149.06, 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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