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Price Signal Summary - USDJPY Remains Above Monday's Low

OUTLOOK
  • In FX, key resistance in EURUSD intersects at 0.9874 - the top of the bear channel drawn from the Feb 10 high. Channel resistance has been pierced, a clear break is required to highlight a stronger bullish reversal. This would pave the way for a climb towards 0.9999, the Oct 4 high. For now, the broader trend remains down and recent gains are still considered corrective. A reversal lower would open support at 0.9705, the Oct 21 low.
  • In GBPUSD, key short-term support is unchanged at 1.0924, the Oct 12 low. The pair is trading closer to recent highs and attention is on the key short-term resistance at 1.1495, the Oct 5 high and bull trigger. Clearance of this level would strengthen a bullish theme. On the downside, weakness below 1.0924 would reinstate a bearish theme.
  • Recent USDJPY weakness is likely a correction. The USD touched a low of 145.56 on Monday, just below the 20-day EMA at 146.84. Price has recovered and attention is on 150.00 once again. A breach of this resistance would open 151.95, the bull trigger. The primary trend is up. Key support is at 145.56
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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