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Price Signal Summary - USDJPY Key Support Remains Intact

OUTLOOK
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  • In FX, despite the pullback in EURUSD from yesterday’s high, a bull cycle remains in play. Recent gains have resulted in a break of 1.0895, the May 16 high and a bull trigger. This confirmed a resumption of the bull trend and a flag formation on the daily chart. Moving average studies are in a bull-mode set-up and highlight an uptrend. Sights are on 1.0933, 61.8% of the Dec 28 - Apr 16 bear leg. Support to watch lies at 1.0788, the May 30 low.
  • The trend condition in GBPUSD remains bullish. This week’s fresh cycle highs and print above 1.2801, the May 29 high, confirms a resumption of the uptrend and an extension of the rising price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, reinforcing current trend conditions. Sights are on 1.2859, 1.236 projection of the Apr 22 - May 3 - 9 price swing. Initial support to watch is 1.2693, the 20-day EMA.
  • The trend outlook in USDJPY remains bullish and the latest pullback appears to be a correction - for now. This week’s breach of support around the 20-day EMA, has exposed key support at 154.66, the 50-day EMA, and 153.93, a trendline drawn from the Dec 28 low. A clear break of this key zone would be bearish and highlight a stronger reversal. For bulls, a move above 157.71, the May 29 high, is required to resume a short-term uptrend.
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  • In FX, despite the pullback in EURUSD from yesterday’s high, a bull cycle remains in play. Recent gains have resulted in a break of 1.0895, the May 16 high and a bull trigger. This confirmed a resumption of the bull trend and a flag formation on the daily chart. Moving average studies are in a bull-mode set-up and highlight an uptrend. Sights are on 1.0933, 61.8% of the Dec 28 - Apr 16 bear leg. Support to watch lies at 1.0788, the May 30 low.
  • The trend condition in GBPUSD remains bullish. This week’s fresh cycle highs and print above 1.2801, the May 29 high, confirms a resumption of the uptrend and an extension of the rising price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position, reinforcing current trend conditions. Sights are on 1.2859, 1.236 projection of the Apr 22 - May 3 - 9 price swing. Initial support to watch is 1.2693, the 20-day EMA.
  • The trend outlook in USDJPY remains bullish and the latest pullback appears to be a correction - for now. This week’s breach of support around the 20-day EMA, has exposed key support at 154.66, the 50-day EMA, and 153.93, a trendline drawn from the Dec 28 low. A clear break of this key zone would be bearish and highlight a stronger reversal. For bulls, a move above 157.71, the May 29 high, is required to resume a short-term uptrend.