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Price Signal Summary - USDJPY Recovery Reinforces The Bullish Condition

OUTLOOK
  • In FX, EURUSD short-term gains are considered corrective and the pair continues to trade below 1.0694, the Oct 24 high. The sell-off last week reinforces a bearish theme and suggests that the recent Oct 3 - 24 correction is over. Note too that the Oct 24 price pattern is a bearish engulfing candle - a reversal signal. A sell-off would open 1.0496, Oct 13 low. The key support and bear trigger lies at 1.0448, Oct 3 low. 1.0694 is key resistance.
  • GBPUSD continues to trade below its Oct 24 high. The trend outlook is unchanged and remains bearish. Attention is on 1.2037, Oct 4 low and bear trigger. Clearance of this level would resume the downtrend that started in July and open 1.1964, a 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, clearance of 1.2337, the Oct 11 high, would signal scope for a stronger corrective cycle and highlight a short-term base.
  • USDJPY has recovered from Monday’s 148.81 low. This reinforces a bullish theme and highlights the fact that the recent move lower has been a correction. Last week’s breach of 150.16, the Oct 3 high, confirmed a resumption of the uptrend. Moving average studies are in a bull-mode position and this reflects the market's positive sentiment. Sights are on 151.09, a Fibonacci projection. The 50-day EMA, at 148.02 is firm support.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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