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Price Signal Summary - USDJPY Remains Below The 50-Day EMA

OUTLOOK
  • In FX, EURUSD is trading just ahead of support at 1.0671, the 50-day EMA. This represents a key short-term level and the recent move down is considered corrective. Tuesday’s activity 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 recent bearish cycle and expose 1.0634, the Jan 9 low.
  • GBPUSD maintains a softer tone despite the recovery from Tuesday’s low. Recent weakness reinforces a short-term bearish theme and signals scope for a continuation. Sights are on the 200-dma next at 1.1948. A move through this level would expose key support at 1.1842, Jan 6 low. A break of 1.1842 would highlight a potential trend reversal and a possible double top. Firm resistance is at 1.2265, the Feb 3 high.
  • USDJPY continues to trade below resistance at 132.81, the 50-day EMA. 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. Firm support to watch lies at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low - a break would confirm a resumption of 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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