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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 is unchanged and remains bearish. Resistance is intact and gains are considered corrective. Moving average studies have crossed and are in a bear-mode set-up highlighting a developing downtrend. 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 1.0782, the 50-day EMA.
  • A short-term bearish theme in GBPUSD remains in play and despite recent gains, price is trading closer to its recent lows. Key support at 1.2674, 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 to watch is unchanged, at 1.2740, the Jun 19 high.
  • The trend in USDJPY is unchanged, it remains bullish and the pair is trading higher today. Initial key support to watch is 157.75, the 20-day EMA. Sights are on key resistance at 160.17, the Apr 29 high and the key resistance. A break of this hurdle would resume the primary uptrend and open 160.92, the 1.50 projection of the May 3 - 14 - 16 price swing. Note that moving average studies are in a bull mode position and this highlights a clear uptrend. Short-term pullbacks would be considered corrective.
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