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Price Signal Summary - USDJPY Dips Considered Corrective

MARKET INSIGHT
  • In the equity space, S&P E-minis are holding onto the bulk of recent gains and remain above the 4500.00 handle. This week's climb signals potential for stronger gains near-term and attention is on 4539.50, Sep 3 high and the bull trigger. EUROSTOXX 50 futures are consolidating and recent price action appears to be a bull flag. The focus is on 4200.50, Sep 24 high.
  • In FX, EURUSD traded higher yesterday and this week has breached its 20-day EMA. The break signals scope for a stronger short-term corrective bounce and a resumption of strength would open the 50-day EMA that intersects at 1.1699. Support is at 1.1572, Oct 18 low. GBPUSD has this week traded above resistance at 1.3795, 76.4% of the Sep 14 -29 downleg. Further gains would open 1.3913, Sep 14 high. USDJPY maintains a bullish tone and traded to a fresh trend high yesterday. Attention is on 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. Dips are considered corrective.
  • On the commodity front, Gold remains below recent highs. The sharp reversal lower on Oct 15 highlights a potential bearish threat. Short-term resistance has been defined at $1800.6, the Oct 14 high. Support to watch is at $1746.0, Oct 6 low. These levels represent key short-term directional triggers. WTI trend conditions remain bullish. The focus remains on $85.01, 1.00 projection of the Sep 21 - Oct 6 - 7 price swing.
  • In the FI space, trend conditions remain bearish. Bund futures traded to a fresh trend low yesterday and confirmed a resumption of the underlying downtrend. This has exposed 167.98, 2.382 projection of the Sep 9 - 17 - 21 price swing. Resistance is at 169.92, Oct 14 high. Gilt futures remain vulnerable. A resumption of weakness would open 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Resistance is at 125.27, the Oct 14 high.
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