November 23, 2022 10:56 GMT
Price Signal Summary - USDJPY Remains Below Resistance
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- In FX, the latest pullback in EURUSD appears to be a correction as a recent overbought condition in the bull cycle unwinds. The next firm support to watch lies at 1.0198, the Sep 12 high. On the upside, a stronger resumption of gains would refocus attention on 1.0479, the Nov 15 high, where a break would mark the end of the correction and confirm a resumption of recent gains.
- The GBPUSD trend outlook remains bullish and the pair is consolidating closer to its recent highs. A clear breach of the 1.2000 handle would reinforce the uptrend and open 1.2080, the Aug 18 high. A deeper pullback would be considered corrective. Firm support is at 1.1557, the 50-day EMA.
- USDJPY short-term trend conditions remain bearish and recent gains are considered corrective. The latest move higher is allowing a recent oversold trend condition to unwind. Resistance to watch is at 143.52, the 50-day EMA. A break of this EMA would signal scope for a stronger correction. On the downside, clearance of 137.68, Nov 15 low, would confirm a resumption of the downtrend and open 137.37, the Aug 29 low.