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Price Signal Summary - USDJPY Path Of Least Resistance Remains Up

OUTLOOK
  • In FX, EURUSD has recovered from its recent lows but gains have stopped short of troubling resistance. The move higher appears to be a correction. The recent break on Apr 12 of key support at 1.0695, Feb 14 low and bear trigger, confirmed a resumption of the downtrend. This signals scope for 1.0568 next, the Nov 2 2023 low, and 1.0540, the base of a bear channel drawn from the Dec 28 high. Initial firm resistance is 1.0729, the 20-day EMA.
  • The trend condition in GBPUSD remains bearish and short-term gains are considered corrective. A recovery is allowing an oversold trend condition to unwind. Moving average studies are in a bear-mode set-up and the recent break lower, maintains the downward price sequence of lower lows and lower highs. Sights are on 1.2266, the Nov 14 2023 low. Initial firm resistance is seen at 1.2517, the 20-day EMA.
  • The USDJPY trend condition remains bullish and the pair has traded higher today. Moving average studies remain in a bull mode position too and this set-up continues to highlight a clear rising trend. Note that the trend is overbought, however, this is clearly not a concern for bulls at this stage. Sights are on the 155.00 handle next and 155.29, the 1.764 projection of the Feb 1 - 13 - Mar 8 price swing. On the downside, support lies at 153.13, the 20-day EMA.
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