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Price Signal Summary - USDJPY Heads North

OUTLOOK
  • In FX, EURUSD traded lower Tuesday and the outlook remains bearish. Price has breached a trendline drawn from the Nov 1 low. The clear break of this trendline strengthens a bearish threat and signals scope for a deeper correction. Note that key support at 1.0877, the Jan 5 low, has been pierced. A clear breach would further reinforce bearish conditions and open 1.0793, 50.0% of the Oct - Dec bull leg. Resistance is at 1.0998, Jan 5 high.
  • GBPUSD traded lower Tuesday. The pair has pierced a key short-term support at 1.2611, the Jan 2 low and traded through the 50-day EMA, at 1.2615. A clear break of both support points would highlight a short-term top and signal scope for a deeper retracement. This would open 1.2500, the Dec 13 low. Key resistance is unchanged at 1.2827, the Dec 28 high. Initial resistance is at 1.2697, the 20-day EMA.
  • USDJPY is trading higher this week as the pair extends the recovery that started Dec 28. Tuesday’s gains resulted in a break of 146.41, the Jan 11 high, confirming a resumption of the bull cycle. The move higher opens 148.51 next, the Nov 30 high. A key short-term support has been defined at 143.42, the Jan 9 low. Clearance of this level is required to signal a top and highlight a resumption of bearish activity.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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