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Free AccessPrice Signal Summary - USDJPY Rally Exposes Key Resistance
- In FX, a bull theme in EURUSD remains intact, however, a corrective cycle suggests potential for a continuation lower near-term. This week’s move down reinforces a S/T bearish theme and today, price has traded through the 50-day EMA, at 1.0859. The break signals scope for a deeper retracement, towards 1.0796, Feb 29 low. For bulls, a resumption of gains and a break of 1.0981, the Mar 8 high, is required to reinstate the recent uptrend.
- GBPUSD is trading lower today, extending the corrective pullback from 1.2894, the Mar 8 high and bull trigger. The pair has pierced support at 1.2684, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement and open 1.2600, the Mar 1 low. Key resistance is unchanged at 1.2894. Clearance of this hurdle would resume the uptrend. Initial resistance is at 1.2823, the Mar 14 high.
- USDJPY is trading higher today following this morning’s BOJ announcement. The extension strengthens a short-term bullish condition and the USD has cleared a number of short-term resistance points. The move above 150.00 signals scope for a test of key resistance and the bull trigger at 150.89, the Feb 13 high. A break of this level would resume the uptrend. Key support lies at 146.49, the Mar 8 / 11 low. Initial support is at 148.41, the 50-day EMA.
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Why MNI
MNI is the leading provider
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