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Price Signal Summary - USDJPY Path Of Least Resistance Remains Up

OUTLOOK
  • In FX, EURUSD bearish conditions remain intact and today’s recovery is considered corrective. The pair cleared support at 1.0912 yesterday, the Aug 3 low, to confirm a resumption of the bear cycle that started Jul 18. This signals scope for 1.0834 next, the Jul 6 low and a key level. Price is also trading lower inside a bull channel drawn from the Mar 15 low. The base of the channel lies at 1.0752. Key short-term resistance is at 1.1065, the Aug 10 high.
  • A bearish theme in GBPUSD remains intact, with 1.2621 support, the Aug 3 low, pierced yesterday. A clear break of 1.2621 would confirm a resumption of the current bear cycle and open 1.2591, the Jun 29 low and the next important support. On the upside, key short-term resistance has been defined at 1.2819, the Aug 19 high. A break would signal a possible reversal.
  • An uptrend in USDJPY remains intact and the pair has touched a fresh cycle high today of 145.87. Resistance at 145.07 has been cleared, the Jun 30 high, confirming a resumption of the uptrend and maintaining the bullish price sequence of higher highs and higher lows. Moving average studies are in a bull mode condition, highlighting an uptrend. The focus is on 146.38, the 1.764 projection of the Jul 14 - 21 - 28 price swing. Initial support to watch lies at 142.76, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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