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Price Signal Summary - USDJPY Pullback Exposes The Bear Trigger

OUTLOOK
  • In FX, EURUSD rallied Tuesday and in the process cleared resistance at 1.0595, the Dec 5 high. The break confirms a resumption of the uptrend and cancels a recent bearish candle pattern - a shooting star. This opens 1.0736 next, a Fibonacci projection. On the downside, key short-term support has been defined at 1.0443, Dec 7 low.
  • GBPUSD trend conditions remain bullish and Tuesday’s rally reinforced this theme. The pair cleared resistance at 1.2345, the Dec 5 high and a bull trigger. This confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 1.2506,1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. On the downside, key short term trend support has been defined at 1.2107, the Dec 7 low.
  • USDJPY remains below Tuesday’s high of 137.97. The move lower yesterday signals the end of the recent corrective phase that started on Dec 2. A continuation lower would open 133.63, the Dec 2 low and bear trigger. A break would resume the downtrend and open 132.56, the Aug 15 low. The 20-day EMA, at 138.31, remains the first key short-term resistance.
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