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Price Signal Summary - USDJPY Key Support Zone Remains Exposed

OUTLOOK
  • In FX, EURUSD is firmer today. The pair has pierced resistance at 1.0718, the 20-day EMA. For bulls, a clear break of the 20-day EMA would signal scope for a stronger recovery and expose the 50-day EMA at 1.0767. The latest move higher appears to be a correction - for now - and the trend direction remains down. A resumption of the trend would open 1.0568, the Nov 2 2023 low, and 1.0518, the base of a bear channel drawn from the Dec 28 high. First support lies at 1.0650, the May 1 low.
  • GBPUSD continues to trade closer to its recent highs. The trend condition is bearish and the latest recovery appears to be a correction. 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 1.2572, 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. The pair is trading lower again today reinforcing the current short-term bearish threat. Sights are on the 50-day EMA at 152.44, a key support. Note that trendline support drawn from the Dec 28 low, lies at 151.17. The 152.44 - 151.17 zone represents a key support area. Initial resistance to watch is 156.28, Thursday’s high.
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