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Price Signal Summary - USDJPY Remains Vulnerable

OUTLOOK
  • In FX, EURUSD traded sharply higher this week and continues to appreciate. The latest rally has resulted in a move above 1.1095, the Apr 26 high and key resistance. The break confirms a resumption of the medium-term uptrend. Moving average studies are in bull-mode position reinforcing current trend conditions. The focus is on 1.1274 next, a retracement point. On the downside, initial firm support lies at 1.1095.
  • GBPUSD bulls remain in the driver’s seat. This week’s clearance of resistance at 1.2848, the Jun 16 high, confirms a resumption of the medium-term uptrend and maintains the bullish price sequence of higher highs and higher lows. Note that moving average studies are in a bull-mode position. The focus is on 1.3174, the top of a bull channel drawn from the Mar 8 low. Initial firm support lies at 1.2788, the 20-day EMA.
  • USDJPY remains vulnerable following this week’s extension of the bear cycle that started Jun 30. The recent sell-off has resulted in a break of both the 20- and 50-day EMAs and price is back inside the bull channel drawn from the Jan 16 low. A continuation lower would open 136.57, the lower band of a moving average envelope. Initial firm resistance is at 140.18, the 50-day EMA. A break of this average would ease bearish pressure.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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