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Price Signal Summary - USDJPY Remains Vulnerable

OUTLOOK
  • In FX, EURUSD continues to trade below the Nov 285 high. The weak close Monday highlights a potential bearish development and a possible top. In pattern terms, Monday is a shooting star candle - a reversal signal. An extension lower would expose key support at 1.0223, Nov 21 low. Clearance of this level would confirm a reversal and signal scope for a deeper pullback. A break of 1.0497, the Nov 28 high, is required to resume recent bullish price action.
  • GBPUSD trend conditions remain bullish and last week’s gains reinforced this, highlighting an extension of the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position too. The focus is on 1.2168, the 200-dma. On the downside, key short-term support is seen at 1.1805, the 20-day EMA.
  • USDJPY short-term trend conditions remain bearish. Monday’s extension resulted in a print below support at 137.68, the Nov 15 low. A clear break of this level would confirm a resumption of the downtrend and open 137.37, the Aug 29 low. Key short-term resistance is seen at 142.25, the Nov 21 high.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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