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Price Signal Summary - USDJPY Bulls Set Sights On Key Short-Term Resistance

OUTLOOK
  • In the FX space, recent EURUSD short-term gains are considered corrective. The move higher last week, does suggest scope for an extension of the correction. Note too that the bounce from last Wednesday’s low of 0.9536 means the bear channel base, at 0.9477 today, remains intact. The 20-day EMA, at 0.9865 represents the next resistance, a break would be a positive development. The channel top intersects at 1.0004. A resumption of weakness would open 0.9536/9477.
  • GBPUSD is holding onto its recent gains and a corrective cycle remains in play. The latest recovery reinforces the importance of the hammer reversal candle on Sep 26 and suggests scope for stronger corrective bounce. The next resistance is 1.1261, the 20-day EMA. A clear break would strengthen the current short-term bull cycle and potentially open the 50-day EMA at 1.1587.
  • USDJPY key support is 140.36, the Sep 22 low. Attention is on the bull trigger at 145.90, the Sep 22 high. A break would confirm a resumption of the uptrend and open 146.03, 2.764 projection of the Aug 2 - 8 - 11 price swing. Initial support is 142.95, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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