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Price Signal Summary - USDJPY Resistance Is At The 20-Day EMA

OUTLOOK
  • In FX, EURUSD traded higher Wednesday, extending this week’s gains. This confirms a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. The focus is on 1.0736 next, 2.382 projection of the Sep 28 - Oct 4 - 13 price swing. On the downside, key short-term support has been defined at 1.0443, Dec 7 low, where a break would signal a short-term top.
  • GBPUSD trend conditions remain bullish. Price has this week cleared resistance at 1.2345, the Dec 5 high and a bull trigger. This resumes the uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on a climb towards 1.2506, a Fibonacci projection. On the downside, key short term trend support has been defined at 1.2107, the Dec 7 low.
  • USDJPY remains below Tuesday’s high of 137.97. The move lower on Tuesday signals the end of the recent corrective phase that started on Dec 2. A continuation lower would open 133.63, the Dec 2 low and bear trigger. Price is higher today. The 20-day EMA, at 138.31, remains the first key short-term resistance. A break would signal scope for a stronger bounce.
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