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Price Signal Summary - USDJPY Remains Above Support At The 20-Day EMA

OUTLOOK
  • In FX, EURUSD started the week on a bullish note and the pair has traded higher today. The outlook is bullish and price continues to trade above 1.0925, the 20-day EMA. MA studies are in a bull mode position, highlighting an uptrend. The bull trigger is 1.1076, Apr 14 high, a break would open 1.1127, a Fibonacci projection and 1.1185, Mar 31 2022 high. On the downside, clearance of the 20-day EMA would signal scope for a deeper retracement.
  • The GBPUSD trend direction remains up and price is trading above support at 1.2397, the 20-day EMA. This average has been pierced, a clear break of it would signal scope for a deeper correction. On the upside, sights are on 1.2546, the Apr 14 high and bull trigger, where a break would resume the uptrend and open 1.2599, the Jun 7 2022 high. Support below the 20-day EMA lies at 1.2345, Apr 10 low.
  • The USDJPY needle points north despite the latest pullback. Former resistance at 134.75, 61.8% of the Mar 8 - 24 bear leg, was breached last week. This has strengthened the current bull cycle and signals scope for a continuation higher towards 135.96 next, the 76.4% retracement point. Initial firm support lies at 133.48, the 20-day EMA. Key short-term support is at 132.02, Apr 13 low. A break would be bearish.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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