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

OUTLOOK
  • In FX, EURUSD trend conditions remain bearish. Fresh cycle lows last week reinforce the bearish theme and price continues to trade below the 20- and 50-day EMAs. The recent breach of 1.0653, 76.4% of the Mar 15 - Apr 26 rally, opens 1.0551, the Mar 16 low. A firm resistance is seen at 1.0780, the 20-day EMA.
  • The pullback in GBPUSD from last week’s high highlights a bearish threat and key S/T resistance has been defined at 1.2545, Jun 2 high. Note that, despite a brief test above it last week, the 61.8% retracement of the May 10 - 25 downleg at 1.2538 remains intact - an important short-term resistance. A continuation lower would open 1.2308, May 25 low and key support. Resistance is at 1.2545, the Jun 2 high.
  • The trend condition in USDJPY remains bullish. The top of a bull channel, drawn from the Jan 16 low, which intersects at 141.11 today, represents key resistance. A clear break of this level would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. Key support to watch is 138.33, the 20-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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