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Price Signal Summary - USDJPY Rally Reinstates Bullish Theme

OUTLOOK
  • In FX, EURUSD maintains a softer tone despite the latest gains, following last week’s move lower and Thursday’s sharp sell-off. The move down reinforces a short-term bearish theme. The pair has pierced support at the 50-day EMA at 1.0974 and a trendline support at 1.0964, drawn from the May 31 low. A clear break of both levels would strengthen a bearish threat and open 1.0867, the Jul 7 low. First key resistance is at last Thursday’s 1.1150 high.
  • Recent gains in GBPUSD gains last week stalled at Thursday’s high resulting in a strong sell-off. The move down highlights the fact that a bear cycle is still in play. Support at 1.2798 the Jul 24 low, has been breached. This signals scope for an extension lower towards the 50-day EMA at 1.2742. Note that the base of a bull channel, drawn from the Mar 8 low and a key support, lies at 1.2720 today. First key resistance is at 1.2996, last Thursday’s high.
  • A strong rally on Friday in USDJPY and today’s gains, cancels a recent bearish threat and instead has strengthened a short-term bullish condition. The pair has breached a key short-term resistance at 141.96, the Jul 21 high. This has confirmed a resumption of the bull cycle that started Jul 14 and opens 142.98, the top of a bull channel drawn from the Jan 26 low. First key support has been defined at 138.07, the Jul 28 low.
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