Price Signal Summary - USDJPY Momentum Studies Are Trending Down

In FX, key resistance in EURUSD is lower today but is still trading closer to its recent highs. A bullish theme remains intact - the pair has cleared an important hurdle at 0.9856, the top of the bear channel drawn from the Feb 10 high. This channel breakout highlights a stronger reversal and opens 1.0198 next, the Sep 12 high. On the downside, support to watch is 0.9856, the former bear channel resistance.
GBPUSD bullish conditions have strengthened following the break of resistance at 1.1495. This marks an extension of the reversal from 1.0350, the Sep 26 low and has confirmed a bullish price sequence of higher highs and higher lows on the daily chart. Sights are on 1.1738, the Sep 13 high and the next key short-term resistance. Initial support is at 1.1430, the 50-day EMA.
Recent USDJPY traded lower overnight before recovering. The move lower resulted in a print below support at 145.56, Monday’s low. This signals scope for an extension lower and means that the pair remains in a short-term bearish corrective cycle. Momentum studies are trending down as a recent overbought condition unwinds. The focus is on the 50-day EMA at 143.79 - a key support. Initial resistance is at 148.41, the Oct 26 high.