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Price Signal Summary - USDJPY Key Support Remains Intact For Now

OUTLOOK
  • In FX, EURUSD is testing resistance, at 1.0717 today, marking the 20-day EMA. The latest move higher appears to be a correction and the trend direction remains down. A resumption of the trend would open 1.0568, the Nov 2 2023 low, and 1.0522, the base of a bear channel drawn from the Dec 28 high. For bulls, a clear break of the 20-day EMA would instead signal scope for a stronger recovery. The 50-day EMA is at 1.0768.
  • GBPUSD is trading closer to its recent highs. The trend condition is bearish and the latest recovery is considered corrective. Moving average studies remain in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. A resumption of the trend would open 1.2266, the Nov 14 2023 low. Resistance to watch is 1.2576, the 50-day EMA. A clear break of this average would be bullish.
  • The USDJPY trend condition remains bullish. However, this week’s volatile session highlights the start of a possible corrective cycle and yesterday’s sharp sell-off reinforces this theme. The pair has traded through support at the 20-day EMA - at 154.58 - exposing the 50-day EMA at 152.39, a key support. Note that trendline support drawn from the Dec 28 low, lies at 151.05. Initial resistance to watch is 157.99, yesterday’s intraday high.
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