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Price Signal Summary - USDJPY Path Of Least Resistance Remains Up

OUTLOOK
  • In FX, EURUSD traded higher Monday before pulling back from the day high. The trend outlook is bearish and gains are considered corrective - for now. MA studies remain in a bear-mode set-up highlighting a downtrend. Resistance to watch is 1.0771, the 50-day EMA. It has been pierced, a clear would threaten the bearish theme and signal scope for a stronger recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. The bear trigger is 1.0666, Jun 26 low.
  • A bearish theme in GBPUSD remains present and the pair continues to trade closer to its latest lows. Recent weakness has resulted in a breach of a key support at 1.2669, the 50-day EMA, signalling scope for a deeper correction towards 1.2584 next, the May 15 low. For bulls, a reversal higher and a break of 1.2860, the Jun 12 high, would resume the uptrend. Initial firm resistance to watch is 1.2740, the Jun 19 high.
  • The trend in USDJPY remains bullish and the pair traded higher Monday. Last week’s climb resulted in a breach of key resistance at 160.17, the Apr 29 high. The break confirmed a resumption of the primary uptrend. Note that moving average studies are in a bull mode position, highlighting positive market sentiment. Sights are on 162.21, 1.764 projection of the May 3 - 14 - 16 price swing. Initial key support to watch is unchanged at the 20-day EMA. The average lies at 158.82.
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