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Price Signal Summary - USDJPY Correction Extends

OUTLOOK
  • In FX, last week’s recovery in EURUSD is a bullish development and signals the end of the recent corrective pullback between Nov 29 - Dec 8. The rally suggests scope for a test of key short-term resistance at 1.1017, the Nov 29 high and a bull trigger. Moving average studies are in a bull-mode position, highlighting an uptrend. Key support has been defined at 1.0724, the Dec 8 low. Initial support is at 1.0852, the Dec 18 low.
  • A bullish theme in GBPUSD remains intact and last week’s rally reinforces this theme. The pullback from Friday’s high is considered corrective. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger at 1.2733, the Nov 29 high, has been cleared, confirming a resumption of the uptrend. Sights are on 1.2800 next. Initial firm support to watch is 1.2586, the 20-day EMA.
  • USDJPY remains firm today as the pair extends the recovery from 140.97, the Dec 14 low. For now, the rally appears to be a correction. Last week’s sell-off reinforced current bearish conditions. The pair breached support at 141.71, the Dec 7 low, to confirm a resumption of the downtrend that started on Nov 13. Sights are on 140.71, a Fibonacci retracement point. Key short-term resistance has been defined at 146.59, the Dec 11 high.
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