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Price Signal Summary - USDJPY Resistance Remains Exposed

OUTLOOK
  • In FX, recent gains in EURUSD are considered corrective and the short-term trend direction remains down. The move lower last week resulted in a break of trendline support drawn off the May 31 low and a breach of the 50-day EMA. This strengthens the current bearish theme and opens the 1.0867 Jul 7 low initially ahead of key support 1.0834, the Jul 6 low. Initial resistance is seen at 1.1042, Friday’s high.
  • The short-term outlook in GBPUSD remains bearish and gains are considered corrective. Last week’s price action reinforced a bearish theme. The pair breached a key support highlighted by the 50-day EMA, at 1.2746 today, and the base of a bull channel drawn from the Mar 8 low - currently at 1.2774. This has exposed 1.2591, the Jun 29 low and the next important support. First resistance is at 1.2817, the 20-day EMA.
  • Bullish conditions in USDJPY remain intact and the pair is trading higher today, extending the recovery from yesterday’s low. Attention is on resistance at 144.20, the Jul 7 high. A break of this level would open key resistance and the bull trigger at 145.07, the Jun 30 high. Moving average studies remain in a bull mode condition highlighting current positive market sentiment. On the downside, initial support to watch lies at 141.58, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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