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Price Signal Summary - USDJPY Path Of Least Resistance Remains Down

OUTLOOK
  • In FX, EURUSD is trading below resistance at 1.0760, the Mar 15 high. Last week's price action resulted in a brief test below key short-term support at 1.0525, the Mar 8 low. A clear break of this level is required to reinstate a bearish theme that would open 1.0484, the Jan 6 low and 1.0454, a trendline support drawn from the Sep 28 2022 low. 1.0760 marks the current key short-term resistance - clearance of this level would reinstate a bullish theme.
  • GBPUSD is trading higher today. Price has pierced resistance at 1.2204, the Mar 14 high. A clear breach of this hurdle would strengthen the case for bulls and signal scope for a climb towards 1.2269, the Feb 14 high and 1.2296, 76.4% retracement of the Jan 23 - Mar 8 bear leg. On the downside, key short-term support lies at 1.2011, the Mar 15 low. A move below this support would instead reinstate the recent bearish theme.
  • USDJPY conditions remain bearish and the pair is trading lower today. 131.31, 61.8% retracement of the Jan 16 - Mar 8 rally, has been cleared. The break strengthens bearish conditions and sets the scene for weakness towards 129.81, the Feb 10 low. On the upside, firm resistance is seen at the 20-day EMA. The average intersects at 134.38 and a break is required to ease bearish pressure.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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