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Price Signal Summary - USDJPY Key Support Lies At The 50-Day EMA

OUTLOOK
  • In FX, the EURUSD rebounded Friday and has traded higher today. Support has been defined at 0.9730, Thursday’s low. Initial firm resistance is seen at 0.9976, the Nov 3 high where a break would ease the recent bearish threat and signal scope for an extension higher towards key resistance at 1.0094, the Oct 27 high. On the downside, a reversal lower and a move through 0.9730 would be a bearish development.
  • GBPUSD found support Friday. Last week’s extension lower undermines a recent bullish theme and exposes 1.1061, the Oct 21 low. The next key support lies at 1.0924, the Oct 12 low, where a break would strengthen a developing bearish threat. For bulls, a stronger reversal higher and a break of 1.1645, Oct 27 high, is required to reinstate the recent bull cycle.
  • USDJPY appears vulnerable and continues to trade below resistance at 149.71, the Oct 24 high. A resumption of weakness would refocus attention on the 50-day EMA at 144.74 - a key support. Clearance of this EMA would signal scope for a deeper pullback. For bulls, a break of 149.71 would be a positive development and this would expose the bull trigger at 151.95, Oct 21 high.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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