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

OUTLOOK
  • In FX, the short-term trend condition in EURUSD remains bearish and gains are considered corrective. The recent breach of support at 1.0720, the Jun 11 low, strengthens a bearish theme and note too that 1.0675, 76.4% of the Apr 16 - Jun 4 bull leg, has been pierced. A clear break of this level would open 1.0650 next, the May 1 low. Initial firm resistance is at 1.0786, the 50-day EMA.
  • Last week’s extension lower in GBPUSD reinforces a short-term bearish threat and the pair is trading closer to its recent lows. Key support at 1.2673, the 50-day EMA, has been cleared, signalling scope for a deeper correction towards 1.2584, the May 15 low. For bulls, a reversal higher and a break of 1.2860, the Jun 12 high, would resume the uptrend. Initial resistance is 1.2740, the Jun 19 high.
  • The trend signal in USDJPY is unchanged, it remains bullish and the pair traded higher last week. A number of important short-term resistance points have been cleared. Most recently, price has breached 158.21, 76.4% of the Apr 29 - May 3 sell-off. The clear break of this price point signals scope for a move towards 160.17, the Apr 29 high and the key resistance. Initial support is 157.33, the 20-day EMA.
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