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Price Signal Summary - USDJPY Impulsive Sell-Off Extends

OUTLOOK
  • In FX, EURUSD has traded higher this week and yesterday’s gains confirmed a clear breach of a key resistance at 1.0888, the Feb 22 high. The break higher highlights a stronger reversal from the YTD low of 1.0695 in February. Scope is seen for a continuation higher with the focus on 1.0969 next, 61.8% retracement of the Dec 28 - Feb 14 bear leg. Initial support to watch lies at 1.0843, the 50-day EMA. A break of this average is required to signal a top.
  • Strong gains in GBPUSD this week have strengthened a short-term bullish theme. Today’s climb has resulted in a break of the bull trigger at 1.2827, the Dec 28 high. This represents an important technical break and confirms a resumption of the bull trend that started on Oct 4 last year. The move higher opens 1.2881, 76.4% retracement of the Jul 14 - Oct 4 bear leg. Initial firm support is seen at 1.2677, the 20-day EMA.
  • A sharp sell-off in USDJPY Thursday, highlights a reversal of the recent rally between Dec 28 - Feb 13. The pair is through support at the 50-day EMA - at 148.52 - and price is lower again today. The clear break of this average strengthens the current bearish cycle. Sights are on 146.83, 38.2% of the Dec 28 - Feb 13 bull cycle. Clearance of this level would open 145.90, the Feb 1 low and a key support. Initial resistance to watch is at 148.52, the 50-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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