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Price Signal Summary - USDJPY In Free Fall

OUTLOOK
  • In FX, EURUSD surged Thursday the pair is trading higher again today, reinforcing current bullish conditions. Yesterday’s climb resulted in a break of key short-term resistance at 1.0094, the Oct 27 high and 1.0198, the Sep 12 high, strengthening the bullish case. This opens 1.0327 next,1.50 projection of the Sep 28 - Oct 4 - 13 price swing. Initial firm support is at 1.0094 ahead of the firmer support at yesterday’s 0.9936 low.
  • GBPUSD rallied sharply Thursday and in the process cleared resistance at 1.1645, the Oct 27 high. The break confirms a resumption of the bull cycle that started Sep 26 and maintains the positive price sequence of higher highs and higher lows. The focus is on 1.1799, the 0.764 projection of the Sep 26 - Oct 5 - 12 price swing and potentially the 1.2000 handle further out. On the downside, initial firm support lies at 1.1334, the Nov 9 low. The 50-day EMA, 1.1445, is initial support.
  • A sharp sell-off in USDJPY Thursday continues to weigh on sentiment and the pair is trading lower again today. The sell-off has resulted in a break of support at 140.36, the Sep 22 intervention low. This opens 138.64 next, the 61.8% retracement of the Aug 2 - Oct 21 bull leg. Initial firm resistance is seen at 144.75, the 50-day EMA. Today’s intraday high of 142.48, is the first resistance.
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  • In FX, EURUSD surged Thursday the pair is trading higher again today, reinforcing current bullish conditions. Yesterday’s climb resulted in a break of key short-term resistance at 1.0094, the Oct 27 high and 1.0198, the Sep 12 high, strengthening the bullish case. This opens 1.0327 next,1.50 projection of the Sep 28 - Oct 4 - 13 price swing. Initial firm support is at 1.0094 ahead of the firmer support at yesterday’s 0.9936 low.
  • GBPUSD rallied sharply Thursday and in the process cleared resistance at 1.1645, the Oct 27 high. The break confirms a resumption of the bull cycle that started Sep 26 and maintains the positive price sequence of higher highs and higher lows. The focus is on 1.1799, the 0.764 projection of the Sep 26 - Oct 5 - 12 price swing and potentially the 1.2000 handle further out. On the downside, initial firm support lies at 1.1334, the Nov 9 low. The 50-day EMA, 1.1445, is initial support.
  • A sharp sell-off in USDJPY Thursday continues to weigh on sentiment and the pair is trading lower again today. The sell-off has resulted in a break of support at 140.36, the Sep 22 intervention low. This opens 138.64 next, the 61.8% retracement of the Aug 2 - Oct 21 bull leg. Initial firm resistance is seen at 144.75, the 50-day EMA. Today’s intraday high of 142.48, is the first resistance.