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Price Signal Summary - USDJPY Clears Trendline Support

OUTLOOK
  • In FX, A bull cycle in EURUSD remains in play and today’s gains reinforce this theme. Key short-term resistance at 1.0916, the Jun 4 high, has been cleared confirming a resumption of the bull cycle. The break paves the way for a climb towards 1.0964, the Mar 13 high, ahead of a key short-term resistance at 1.0981, the Mar 8 high. On the downside, firm short-term support is seen at 1.0798, the 20-day EMA.
  • GBPUSD remains in a bull-mode condition and the pair is trading higher today. This once again confirms a resumption of the current bull phase and also highlights a stronger medium-term bullish condition. Price has cleared the 1.3000 handle, signalling scope for an extension towards 1.3092, the top of a bull channel drawn from the Oct 4 low of last year. Firm short-term support is seen at 1.2810, the 20-day EMA. Initial support is at 1.2938, the Jul 16 low.
  • USDJPY is trading lower today. The break lower confirms a resumption of the bear cycle that started Jul 3. Note too that today’s sell-off also confirms a clear breach of 158.62, the trendline drawn from the Dec 28 low last year. This break highlights a potential reversal and signals scope for a deeper retracement, towards 155.72 next, the Jun 2 low. Initial firm resistance is seen at 159.47, the 20-day EMA.
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