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

OUTLOOK
  • In FX, the trend outlook in EURUSD remains bearish despite today’s gains. The recent pause appears to be a pennant - a continuation pattern that if correct, reinforces the bearish condition. The recent break of trendline support drawn from the May 31 low and a breach of the 50-day EMA, strengthens a bearish theme and opens 1.0867, the Jul 7 low, ahead of key support 1.0834, the Jul 6 low. Initial resistance is seen at 1.1042, the Aug 4 high.
  • Bearish conditions in GBPUSD remain intact and recent gains are considered corrective. Last week’s move lower reinforced a bearish theme. The pair breached a key support highlighted by the 50-day EMA, at 1.2745 today, and the base of a bull channel drawn from the Mar 8 low - currently at 1.2791. The focus is on 1.2591, the Jun 29 low and the next important support. First resistance is at 1.2802, the 20-day EMA.
  • An uptrend in USDJPY remains intact and the pair continues to appreciate. The focus is on resistance at 144.20, the Jul 7 high. A break of this hurdle would open key resistance and the bull trigger at 145.07, the Jun 30 high. Moving average studies are in a bull mode condition, highlighting an uptrend. A break of 145.07 would confirm a resumption of the trend. On the downside, initial support to watch lies at 141.75, 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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