April 16, 2024 10:28 GMT
Price Signal Summary - USDJPY Bulls Remain In The Driver's Seat
OUTLOOK
- In FX, EURUSD remains in a bear-mode condition. Last Friday’s move down resulted in a break of key support at 1.0695, the Feb 14 low and bear trigger. This breach confirms a resumption of the downtrend. Support at 1.0611, 76.4% of the Oct - Dec bull rally, has been pierced and this opens 1.0568 next, the Nov 2 2023 low. Initial firm resistance is seen at 1.0785, the 20-day EMA.
- A bearish theme in GBPUSD remains intact. Support at 1.2519, the Feb 5 low and a bear trigger, has been breached. The clear break strengthens a bearish theme and signals a stronger reversal signal. Moving average studies are in a bear-mode set-up and this highlights a downtrend. Scope is seen for an extension towards 1.2364, 61.8% of the Oct 4 - Mar 8 bull leg. Initial firm resistance has been defined at 1.2709, the Apr 10 high.
- The USDJPY bull cycle remains in play and Monday’s extension reinforces current conditions. The break higher last week confirmed a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode position too. Sights are on the 155.00 handle next. Initial firm support lies at 151.84, the 20-day EMA.
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