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Price Signal Summary - USDJPY Gains Appear Corrective

OUTLOOK
  • In FX, EURUSD maintains a positive tone following recent gains and the break of key short-term resistance and bull trigger at 1.0948, the Jul 17 high. The move higher confirms a resumption of the uptrend and opens 1.1012 next, 76.4% of the Dec 28 ‘23 - Apr 16 downleg. Initial support to watch lies at 1.0860, the 20-day EMA. A pullback is considered corrective.
  • GBPUSD traded lower Tuesday and remains in bear-mode condition. Last week’s move down resulted in a break of the 50-day EMA - at 1.2786 - and a breach of a trendline at 1.2777, drawn from the Apr 22 low. The clear break of the EMA and the trendline, suggests scope for an extension towards 1.2672 next, 50.0% of the Apr 22 - Jul 17 bull cycle.. A break would confirm a resumption of the bear leg. On the upside, initial resistance to watch is at 1.2824, the 20-day EMA.
  • USDJPY remains bearish and last week’s sell-off, plus Monday’s impulsive move lower, reinforces this condition. This paves the way for an extension towards the next key support at 140.25, the Dec 28 ‘23 low. Note that the pair is in an extreme oversold condition, and the latest recovery - a correction - is allowing this condition to unwind. Initial resistance is seen at 149.77, the Aug 2 high.
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