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Price Signal Summary - USDJPY Bulls Return

MARKET INSIGHT
  • In the equity space, S&P E-Minis remain firm following recent gains. The contract on Tuesday briefly traded above the 50-day EMA, currently at 4188.24. A clear break of this average would strengthen current bullish conditions and open key resistance at 4303.50, the Apr 26/28 high. Gains are still considered corrective and the primary trend direction is down. A reversal lower would refocus attention on the bear trigger at 3807.50, May 20 low. EUROSTOXX 50 futures maintain a firmer short-term tone following recent gains and the break above the 50-day EMA. The move higher is still considered corrective. However, attention is on resistance at 3883.00, Apr 21 high and, the key resistance at 3944.00, the Mar 29 high. A break of the latter would strengthen current bullish conditions. Short-term support has been defined at 3576.00, May 19 low.
  • In FX, EURUSD continues to trade near the top of its bear channel. The channel is drawn from the Feb 10 high and intersects at 1.0795 today. It marks a key short-term resistance where a break would strengthen bullish conditions and highlight a stronger short-term outlook. A reversal lower would reinforce the broader bearish theme. This would open 1.0533 initially, the May 20 low. GBPUSD maintains a firmer short-term tone and the current corrective bull cycle is still in play. Attention is on the 50-day EMA at 1.2719. Initial firm support lies at 1.2472, May 24 low. USDJPY has recovered from its recent lows and support at the 50-day EMA remains intact. The move higher signals the end of the recent corrective pullback. This reinforces bullish conditions and signals scope for a climb towards the bull trigger at 131.35, May 9 high. Key short-term support has been defined at 126.36, May 24 low.
  • On the commodity front, Gold has found resistance recently at $1869.7, the May 24 high. This represents a key short-term resistance and means that for now, resistance at the 50-day EMA, at $1878.2, remains intact. An extension lower would refocus attention on the key support and bear trigger at $1787.0, the May 16 low. Gains above $1869.7 are required to reinstate the recent bull theme. In the Oil space, WTI futures yesterday breached resistance at $116.43, the Mar 7 high and the former contract high. This confirms a resumption of the underlying uptrend and opens the $120.00 handle, and potentially beyond. Initial firm support is seen at $108.86, the 20-day EMA.
  • In the FI space, resistance in Bund futures traded lower Tuesday and breached initial support at 151.89, May 18 low. The primary trend direction is down. A continuation lower would open 150.49, the bear trigger and May 9 low. Firm trend resistance is unchanged at 155.33, the May 12 high. Gilts traded sharply lower Tuesday to extend the pullback from its recent highs in May. The contract has tested key support at 115.70, May 9 low and the bear trigger. A break of 115.70 would confirm a resumption of the bear leg and open 115.54, 1.50 projection of the May 19 - 24 - 26 price swing.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEM BulletMetals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEquitiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisEM BulletMetals Technical AnalysisMetals bulletHomepagemarkets-real-timeCommoditiesEquitiesEmerging Market NewsEnergy BulletsBulletMarketsFixed Income BulletsForeign Exchange BulletsEnergy Technical Analysis

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