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OUTLOOK: Price Signal Summary - USDJPY Recovery Extends

OUTLOOK
CEEMEABulletUKMarketsFixed Income BulletsForeign Exchange Bullets
  • In FX, EURUSD has pulled back from 1.0630, the Dec 6 high. A resistance around 1.0574, the 20-day EMA, remains intact - for now. A close above this average would highlight a clear breach of it and signal scope for a stronger corrective recovery towards 1.0697, the 50-day EMA. An extension higher would also allow for an unwinding of the recent oversold condition. The medium-term trend direction is down. First support lies at 1.0461, the Dec 2 low.
  • GBPUSD is trading closer to its most recent highs. Recent gains are considered corrective and this has allowed an oversold trend condition to unwind. The pair has breached the 20-day EMA, exposing the next firm resistance at 1.2830, the 50-day EMA. The medium-term trend direction remains down, the bear trigger lies at 1.2487, the Nov 22 low. First support to watch lies at 1.2617, the Dec 2 low.
  • USDJPY is trading higher today, as the pair extends the recovery from 148.65, the Dec 3 low. The pair has traded through both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. The next firm short-term resistance is at 153.66, 61.8% retracement of the Nov 15 - Dec 3 pullback. A reversal lower would signal the end of the latest bounce and refocus attention on the bear trigger at 148.65, the Dec 3 low.
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  • In FX, EURUSD has pulled back from 1.0630, the Dec 6 high. A resistance around 1.0574, the 20-day EMA, remains intact - for now. A close above this average would highlight a clear breach of it and signal scope for a stronger corrective recovery towards 1.0697, the 50-day EMA. An extension higher would also allow for an unwinding of the recent oversold condition. The medium-term trend direction is down. First support lies at 1.0461, the Dec 2 low.
  • GBPUSD is trading closer to its most recent highs. Recent gains are considered corrective and this has allowed an oversold trend condition to unwind. The pair has breached the 20-day EMA, exposing the next firm resistance at 1.2830, the 50-day EMA. The medium-term trend direction remains down, the bear trigger lies at 1.2487, the Nov 22 low. First support to watch lies at 1.2617, the Dec 2 low.
  • USDJPY is trading higher today, as the pair extends the recovery from 148.65, the Dec 3 low. The pair has traded through both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. The next firm short-term resistance is at 153.66, 61.8% retracement of the Nov 15 - Dec 3 pullback. A reversal lower would signal the end of the latest bounce and refocus attention on the bear trigger at 148.65, the Dec 3 low.