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

OUTLOOK
  • In FX, EURUSD maintains a bearish theme and the pair continues to trade just above its recent lows. The recent pause appears to be a flag formation - a bearish continuation pattern. The recent sell-off confirmed a resumption of the downtrend and sights are on 1.0724, the Dec 8 low, and 1.0712, 61.8% of the Oct - Dec bull leg. Clearance of this support zone would strengthen the bearish theme. Key resistance is 1.0932, the Jan 24 high. Initial resistance is at 1.0838, the 20-day EMA.
  • A bearish condition in GBPUSD remains intact. The recent sell-off resulted in a clear break of 1.2597, the Jan 17 low and the base of a recent range. The clear range breakout strengthens a bearish condition and opens 1.2500, the Dec 13 low. Initial firm resistance is at 1.2664, the 20-day EMA.
  • The USDJPY trend outlook remains bullish and the pair has appreciated this week. Key resistance at 148.80, the Jan 19 high, has been cleared. A continuation higher would confirm a clear break and a resumption of the uptrend that started late December. Sights are on 149.75, the Nov 22 high. Key short-term support is unchanged at 145.90, the Feb 1 low. Initial support lies at 147.39, 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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