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Price Signal Summary - USDJPY Heads North

OUTLOOK
  • In FX, EURUSD traded to a fresh weekly low Thursday. Gains are considered corrective and the pair remains in bear mode. The reversal from 0.9999 on Oct 4 marked a failure at the top of the bear channel drawn from the Feb 10 high. The focus is on 0.9536, the Sep 28 low.
  • GBPUSD traded higher Thursday. A continuation would signal scope for a test and possible breach of 1.1495, the Oct 5 high and bull trigger. The pair is through the 20-day EMA and this has improved short-term conditions for bulls. A resumption of weakness would instead expose 1.0922 and 1.0787, the 50.0% and 61.8% retracement of Sep 26 - Oct 5 bull cycle.
  • USDJPY maintains a bullish tone. This week's climb has resulted in a break of 145.90, Sep 22 high, confirming a resumption of the primary uptrend. Attention is on 147.66, the Aug 1998 high. The level has been pierced, a clear break would open 148.42, the 1.382 projection of the May 24 - Jul 14 - Aug 2 price swing.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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