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Price Signal Summary - USDJPY Remains Vulnerable

OUTLOOK
  • In FX, a bullish theme in EURUSD remains intact following last week’s gains. Price has breached 1.0969, the 61.8% retracement of the Dec 28 - Feb 14 bear leg. This strengthens bullish conditions and signals scope for a climb towards 1.0998 next, the Jan 5 high. The 76.4% retracement is at 1.1034. Initial firm support to watch is 1.0850, the 50-day EMA. A break of this average is required to signal a top.
  • A bullish phase in GBPUSD bulls remain in the driver’s seat and the latest pullback is considered corrective. Last Friday’s climb resulted in a break of the bull trigger at 1.2827, the Dec 28 high. This represents an important technical break and confirms a resumption of the bull trend that started on Oct 4 last year. Moving average studies are in a bull-mode set-up too. Sights are on 1.2996 next, the Jul 27 2023 high. Initial firm support is seen at 1.2706, the 20-day EMA.
  • A sharp sell-off in USDJPY remains vulnerable following last week’s impulsive sell-off. The breach of support around the 50-day EMA strengthens the current bearish cycle. The pair has pierced 146.83, 38.2% of the Dec 28 - Feb 13 bull cycle. The move lower has exposed 145.90, the Feb 1 low and a key support. Clearance of this level would be seen as an important bearish break. Initial resistance to watch is 148.40, the 50-day EMA.
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