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Price Signal Summary - USDJPY Channel Top  Remains Intact - For Now

OUTLOOK
  • In FX, EURUSD trend needle continues to point south and the pair is trading lower today. Fresh trend lows reinforce bearish conditions. The 1.0713 objective has been breached, the Mar 24 low and this paves the way for a move towards 1.0653 next, a Fibonacci retracement point and the next key support. A firm resistance is seen at 1.0824, the 20-day EMA. Clearance of this average is required to ease current bearish pressure.
  • Recent short-term gains in GBPUSD are considered corrective, for now, and the trend direction remains down. Price has recently breached the 50-day EMA and support at 1.2345, the Apr 10 low. A resumption of the downtrend would open 1.2242, 50.0% of the Mar 8 - May 10 bull run. The bear trigger is 1.2308, the May 25 low. On the upside, firm resistance at 1.2434, the 20-day EMA, has been pierced. A clear break of this average would signal a possible reversal.
  • USDJPY bullish conditions remain intact and a pullback is considered corrective - for now. The pair has this week tested resistance at the top of the bull channel, drawn from the Jan 16 low which intersects at 140.86. This is a key resistance and a clear break of it would reinforce bullish conditions and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal would highlight a potential top. Key support to watch is 137.79, 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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