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Price Signal Summary - USDJPY Path Of Least Resistance Remains Down

OUTLOOK
  • In FX, the EURUSD bulls remain in the driver’s seat and the latest move lower appears to be a shallow correction. Key short-term support levels remain intact and note that moving average studies continue to highlight positive market sentiment. The next objective is 1.0954, the Apr 11 2022 high. The 20-day EMA marks initial firm support - it intersects at 1.0781.
  • GBPUSD remains below its recent highs. Short-term dips are considered corrective and the current uptrend remains intact - moving average studies are in a bull-mode position highlighting positive market sentiment. Price has recently pierced resistance at 1.2446, Dec 14 high. A clear break would resume the uptrend and open 1.2506, the 1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. Initial firm support is 1.2259, the 20-day EMA.
  • The trend direction in USDJPY is down and resistance at 131.58, the Jan 18 high, remains intact. Note too that the price is also trading below the 20-day EMA, at 130.72. A resumption of weakness would open 126.81, 1.382 projection of the Oct 31 - Nov 15 - 21 price swing. The bear trigger is 127.23, Jan 16 low. On the upside, clearance of 131.58 would be a bullish development.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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