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OUTLOOK: Price Signal Summary - USDJPY Continues To Appreciate

OUTLOOK
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  • In FX, EURUSD has traded lower this week and the pair maintains a softer tone. Resistance at 1.0557, the 20-day EMA, is intact. A close above this average would signal scope for a stronger corrective recovery towards 1.0680, the 50-day EMA. An extension higher would allow for a continued unwinding of the recent oversold condition. Support at 1.0461, the Dec 2 low, has been pierced. A clear break would expose 1.0335, the Nov 22 low and bear trigger.
  • GBPUSD traded lower Thursday, extending the pullback from its recent high. The trend condition remains bearish and recent gains are considered corrective. A recovery has allowed an oversold trend condition to unwind. Key resistance to monitor is 1.2821, the 50-day EMA. First support to watch is 1.2617, the Dec 2 low. Clearance of this level would expose the bear trigger at 1.2487, the Nov 22 low.
  • USDJPY has traded higher this week and is firmer again, today. The pair has breached both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. The next firm short-term resistance is at 153.66, 61.8% of the Nov 15 - Dec 3 pullback. Initial support to watch is 150.90, the Dec 10 low.
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  • In FX, EURUSD has traded lower this week and the pair maintains a softer tone. Resistance at 1.0557, the 20-day EMA, is intact. A close above this average would signal scope for a stronger corrective recovery towards 1.0680, the 50-day EMA. An extension higher would allow for a continued unwinding of the recent oversold condition. Support at 1.0461, the Dec 2 low, has been pierced. A clear break would expose 1.0335, the Nov 22 low and bear trigger.
  • GBPUSD traded lower Thursday, extending the pullback from its recent high. The trend condition remains bearish and recent gains are considered corrective. A recovery has allowed an oversold trend condition to unwind. Key resistance to monitor is 1.2821, the 50-day EMA. First support to watch is 1.2617, the Dec 2 low. Clearance of this level would expose the bear trigger at 1.2487, the Nov 22 low.
  • USDJPY has traded higher this week and is firmer again, today. The pair has breached both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. The next firm short-term resistance is at 153.66, 61.8% of the Nov 15 - Dec 3 pullback. Initial support to watch is 150.90, the Dec 10 low.