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OUTLOOK: Price Signal Summary - USDJPY Heads North

OUTLOOK
CEEMEABulletUKMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, EURUSD maintains a softer tone and gains are considered corrective. Resistance at 1.0552, the 20-day EMA, is intact. A close above this average would signal scope for a stronger corrective recovery towards 1.0673, 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 again Friday, extending the pullback from its recent high. The trend condition remains bearish and recent gains appear to have been a correction. The recovery allowed an oversold condition to unwind. Key resistance to monitor is 1.2813, the 50-day EMA. Support has been cleared at 1.2617, Dec 2 low. This exposes the bear trigger at 1.2487, the Nov 22 low.
  • USDJPY traded higher last week and has also started this week on a bullish note. The pair has recently breached both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. Sights are on 154.84, 76.4% of the Nov 15 - Dec 3 pullback. A reversal lower would signal the end of the latest bull cycle and refocus attention on the bear trigger at 148.65, the Dec 3 low. Initial support lies at 152.04, the 20-day EMA.
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  • In FX, EURUSD maintains a softer tone and gains are considered corrective. Resistance at 1.0552, the 20-day EMA, is intact. A close above this average would signal scope for a stronger corrective recovery towards 1.0673, 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 again Friday, extending the pullback from its recent high. The trend condition remains bearish and recent gains appear to have been a correction. The recovery allowed an oversold condition to unwind. Key resistance to monitor is 1.2813, the 50-day EMA. Support has been cleared at 1.2617, Dec 2 low. This exposes the bear trigger at 1.2487, the Nov 22 low.
  • USDJPY traded higher last week and has also started this week on a bullish note. The pair has recently breached both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. Sights are on 154.84, 76.4% of the Nov 15 - Dec 3 pullback. A reversal lower would signal the end of the latest bull cycle and refocus attention on the bear trigger at 148.65, the Dec 3 low. Initial support lies at 152.04, the 20-day EMA.