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

OUTLOOK
  • In FX, EURUSD is in consolidation mode. A bear cycle remains in play and price is trading closer to recent lows. The break on Apr 12 of key support at 1.0695, the Feb 14 low and bear trigger, confirmed a resumption of the downtrend. This signals scope for a move towards 1.0568 next, the Nov 2 2023 low, and 1.0543, the base of a bear channel drawn from the Dec 28 high. Initial firm resistance is seen at 1.0732, the 20-day EMA.
  • The trend condition in GBPUSD remains bearish and last week’s extension plus Monday’s move lower, reinforces current conditions. Moving average studies are in a bear-mode set-up and the break lower in price maintains the downward price sequence of lower lows and lower highs, reinforcing a bearish theme. Sights are on 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2524, the 20-day EMA.
  • The USDJPY trend condition remains bullish and the pair traded to a fresh cycle high yesterday of 154.85. Note that moving average studies remain in a bull mode position and this set-up continues to highlight a clear rising trend. The trend is overbought, however, this is clearly not a concern for bulls at this stage. Sights are on the 155.00 handle next. On the downside, support lies at 152.95, the 20-day EMA.
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