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Price Signal Summary - USDJPY Pullback Appears To Be A Correction

OUTLOOK
  • In FX, EURUSD continues to trade closer to its recent highs. The pair has pierced the 50-day EMA - at 1.0835. A clear break of this average would highlight a stronger reversal. 1.0888, the Feb 22 high, is also seen as a key resistance. Clearance of it would open 1.0932, the Jan 24 high. Note that the price pattern on Feb 22 is a shooting star candle (inverted hammer) and a possible reversal signal. A move lower would expose 1.0695, Feb 14 low.
  • A broader bear threat in GBPUSD remains present and the recent climb appears to be a correction - for now. A reversal lower would refocus attention on key support and the bear trigger at 1.2519, the Feb 5 low. Clearance of this level would open 1.2500, the Dec 13 low, and 1.2432, 50.0% of the Oct 4 - Dec 28 bull phase. For bulls resistance levels to watch are 1.2775, the Jan 25 high and 1.2827, the Dec 28 high and key bull trigger.
  • The USDJPY trend outlook remains bullish and today’s sell-off - for now - appears to be a correction. Initial support lies at 149.63, the 20-day EMA (tested). A clear break of the average is required to signal potential for a deeper retracement, towards the 50-day EMA, at 148.21. For bulls, the recent pause appears to be a bull flag formation. A resumption of the trend would open 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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