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Price Signal Summary - USDJPY Remains Below The 20-Day EMA

OUTLOOK
  • In FX, the EURUSD outlook remains bullish and trend signals continue to point north. The recent break of 1.0787, the May 30 2022 high and a key resistance, reinforces a bullish theme and note that moving average studies continue to highlight a bullish backdrop. Sights are on 1.0913, the 2.764 projection of the Sep 28 - Oct 4 - Oct 13 price swing. Initial firm support lies at 1.0690, the 20-day EMA.
  • GBPUSD maintains a bullish tone and is trading higher today. The pair has recently cleared resistance at 1.2303, the 76.4% retracement of the Dec 14 - Jan 6 bear leg. The clear breach exposes 1.2446, the Dec 14 high and a key hurdle for bulls. On the downside, initial firm support is seen at 1.2133, the 20-day EMA.
  • USDJPY rallied earlier today following the BoJ decision. Resistance at the 20-day EMA, at 131.71, remains intact and the pair has pulled back to trade below 130.00. The primary downtrend remains intact and gains are considered corrective - for now. A clear break of the 20-day EMA is required to signal scope for a stronger recovery that would open 132.87, the Jan 11 high. Key support has been defined at 127.23, the Jan 16 low.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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