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Price Signal Summary - USDJPY Bulls remain In The Driver's Seat

OUTLOOK
  • In FX, EURUSD is trading closer to its recent lows despite yesterday’s gains and remains in downtrend. The recent break of the 50-day EMA, at 1.0665, reinforces bearish conditions and attention is on 1.0484, the Jan 6 low. A break of this level would expose 1.0461, the 38.2% retracement of the Sep 28 - Feb 2 bull cycle. Clearance of the 1.0484/61 support zone would strengthen the bearish theme. Initial resistance to watch is 1.0665.
  • GBPUSD maintains a bearish tone despite this week’s bounce. A break of 1.1915, the Feb 17 low would confirm a resumption of the bear leg and expose key support at 1.1842, the Jan 6 low. Clearance of this important price level would highlight a broader reversal threat and a potential double top reversal pattern. For bulls, key short-term resistance is seen at 1.2101, the 50-day EMA. A clear break would signal scope for a stronger recovery.
  • USDJPY bulls remain in the driver’s seat and price is holding on to its recent gains. The pair has pierced 136.67, the 38.2% retracement of the downleg between Oct 21 and Jan 16. A clear break of this level would set the scene for a climb towards 138.17, the Dec 15 high. On the downside, the support top watch lies at 133.27, the 50-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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