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Price Signal Summary - USDJPY Bulls Remain In The Driver’s Seat For Now

OUTLOOK
  • In FX, EURUSD remains inside its recent range. Support at 1.0923, a trendline drawn from the Nov 1 low is intact and moving average studies are in a bull mode position. This highlights an uptrend and suggests the recent move lower has been a correction. A recent golden cross in the DMA space (50- rising above the 200-dma), is also a bullish signal. Support to watch is 1.0877, the Jan 5 low. The bull trigger is 1.1139, Dec 28 high.
  • The trend outlook in GBPUSD is unchanged and remains bullish. Price continues to trade closer to its recent highs. Sights are on resistance at 1.2827, the Dec 28 high and a bull trigger. A break of this level would confirm a resumption of the uptrend and open 1.2881, 76.4% of the Jul 14 - Oct 4 bear leg. Initial firm support is at 1.2611, the Jan 2 low. The 50-day EMA lies just below at 1.2610. Clearance of both support points would highlight a short-term top.
  • USDJPY traded higher last week resulting in a break of resistance at 145.97, the Jan 5 high. The move higher undermines a recent bearish theme and instead highlights potential scope for a continuation of the bull cycle. This has opened 147.32, the Dec 7 high. A key short-term support has been defined at 143.42, the Jan 9 low. A break of this level is required to instead signal a top and highlight a resumption of bearish activity.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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