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Price Signal Summary - USDJPY Remains Below Its Key Resistance At The 50-Day EMA

OUTLOOK
  • In FX, EURUSD continues to consolidate and trade just ahead of support at 1.0674, the 50-day EMA. This represents a key short-term level and the recent move down is considered corrective. The Feb 7 price action is a doji candle pattern - a potential bullish reversal signal. A recovery would refocus attention on 1.1033, the Feb 2 high. A clear break of the 50-day EMA would instead strengthen the bearish cycle and expose 1.0634, the Jan 9 low.
  • GBPUSD maintains a softer tone despite the recovery from Tuesday’s low - a shallow correction so far. Recent weakness reinforces a S/T bearish theme. Sights are on the 200-dma at 1.1947. A move through this level would expose key support at 1.1842, the Jan 6 low. A break of 1.1842 would highlight a potential trend reversal and a double top. Firm resistance is 1.2265, Feb 3 high. Key resistance is 1.2448, Jan 23 high.
  • USDJPY continues to trade below the 50-day EMA, at 132.77. This average represents a key short-term level and a clear break is required to suggest scope for an extension higher that would expose 134.77, the Jan 6 high. The broader trend direction remains down and recent gains are considered corrective. Firm support to watch is at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low - a break would resume the downtrend.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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