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Price Signal Summary - USDJPY Remains Below Key Short-Term Resistance

OUTLOOK
  • In FX, EURUSD remains above its recent lows. Price has recently pierced support at the 50-day EMA - at 1.0774. A clear break of this average would strengthen a bearish theme and open 1.0693, the Nov 14 low. On the upside, a strong reversal higher is required to refocus attention on key resistance and the bull trigger at 1.1017. Initial resistance is at 1.0820, the 20-day EMA.
  • The uptrend in GBPUSD remains intact and the recent pullback appears to be a correction. MA studies are in a bull-mode set-up, highlighting a rising trend. Initial firm support to watch is 1.2538, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper pullback towards 1.2451, the 50-day EMA. Key resistance has been defined at 1.2733, the Nov 29 high. A break of this level would resume the uptrend and open 1.2800.
  • USDJPY traded sharply lower last Thursday, touching a low of 141.71. The break lower confirmed a breach of the trendline drawn from the Mar 24 low. This strengthens a bearish threat and signals scope for a continuation lower with sights on 140.71 next, 76.4% of the Jul 14 - Nov 13 bull run. The latest recovery - for now - appears to be a correction. Key short-term resistance to watch is 147.32, the Dec 7 high. A break would undermine the bearish theme.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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