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Price Signal Summary - USDJPY Clears Resistance And Resumes Its Uptrend

OUTLOOK
  • In FX, EURUSD traded higher Wednesday to breach 1.1076, the Apr 1 2022 high. Prices have since pulled back, however, the uptrend remains intact and the move lower is considered corrective. A resumption of gains would open 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing. On the downside, key short-term support is unchanged at the 20-day EMA. It intersects at 1.0949.
  • The trend outlook in GBPUSD remains bullish and attention is on 1.2546, the Apr 14 high and bull trigger. Clearance of this level would resume the uptrend and open 1.2599, the Jun 7 2022 high. Support to watch is at the 20-day EMA, at 1.2413. The average has been pierced, a clear break is required to suggest scope for a deeper correction towards 1.2306, the 50-day EMA.
  • USDJPY has rallied sharply higher today. This highlights a resumption of the uptrend that started Mar 24. The bull trigger at 135.13, Apr 19 high, has been cleared to confirm a resumption of the uptrend. Note that 135.96, 76.4% retracement of the Mar 8 - 24 bear leg has also been breached. This opens 136.99, the Mar 10 high. Key short-term support has been defined at 133.02, the Apr 26 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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