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

  • In FX, the trend needle in EURUSD continues to point south and the pair is trading lower today, extending the current bear cycle. Support at 1.0912, the Aug 3 low, has recently been cleared. This confirmed a resumption of the bear cycle that started Jul 18 and opens 1.0834 next, the Jul 6 low and a key level. Price is also trading lower inside a bull channel drawn from Mar 15. The base lies at 1.0756. Key short-term resistance is 1.1065, the Aug 10 high. Initial resistance is at 1.0974, the 20-day EMA.
  • GBPUSD is trading in a range for now. The trend condition remains bearish and the Aug 14 low of 1.2621 marks the short-term bear trigger. A break would confirm a resumption of the downtrend and pave the way for a test of the next objective at 1.2591, the Jun 29 low and the next important support. On the upside, key short-term resistance has been defined at 1.2819, the Aug 19 high. A break would signal a possible reversal.
  • The uptrend in USDJPY remains intact and the pair continues to climb. Recent gains resulted in the break of 145.07, the Jun 30 high. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode condition, highlighting current positive sentiment. The focus is on 147.49 next, the 2.00 projection of the Jul 14 - 21 - 28 price swing. Initial firm support to watch is 143.35, the 20-day EMA.

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