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Price Signal Summary - USDJPY Holds On To Its Recent Gains

OUTLOOK
  • In FX, a bullish theme in EURUSD remains intact and last week’s move lower is considered corrective - for now. Support to watch is at the 50-day EMA, at 1.0859. A clear break of this average would threaten the bullish theme and signal scope for a deeper retracement, towards 1.0796, the Feb 29 low. For bulls, a resumption of gains and a break of 1.0981, the Mar 8 high, would resume the uptrend and open 1.0998, the Jan 5 high.
  • The trend condition in GBPUSD remains intact and last week’s move lower appears to be a correction - for now. Initial support lies at 1.2726, the 20-day EMA with the 50-day average at 1.2682. A clear break of this support zone would threaten the bullish theme and signal scope for a deeper retracement. Key resistance is at 1.2894, the Mar 8 high. Clearance of this hurdle would resume the uptrend and open 1.2946, the 2.00 projection of the Feb 14 - 22 - Mar 1 price swing.
  • USDJPY has traded higher today as the pair extends the bounce from 146.49, the Mar 8 / 11 low. The recovery appears to be a correction and a bear threat remains present following the recent sharp sell-off. A resumption of weakness would signal scope for a move towards 145.90, the Feb 1 low and a key support. A continuation higher would instead signal scope for gains towards 150.08, the Mar 6 high, ahead of the 150.89 key resistance, Feb 13 high.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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