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Price Signal Summary - USDJPY Resistance Remains Intact, For Now

OUTLOOK
  • In FX, EURUSD remains inside its recent range. Trendline support - at 1.0908 - drawn off the Nov 1 low remains intact and MA studies are in a bull mode position. This highlights an uptrend and suggests the recent move lower has been a correction. Note too that a recent golden cross in the DMA space (50- rising above the 200-dma), is also a bullish signal. Support to watch is 1.0877, Friday’s low. The bull trigger is 1.1139, Dec 28 high.
  • The trend outlook in GBPUSD is bullish and the pair remains above support. Attention is on resistance at 1.2827, the Dec 28 high and a bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 1.2881, 76.4% of the Jul 14 - Oct 4 bear leg. Initial firm support lies at 1.2611, the Jan 2 low. The 50-day EMA lies just below at 1.2598. Clearance of both support points would highlight a short-term top.
  • USDJPY traded higher yesterday, however, the pair remains below last Friday’s high - for now. Trend signals remain bearish and the recent impulsive rally appears to be a correction. A resumption of weakness would refocus attention on 140.25, the Dec 28 low. Resistance to watch is 145.97, the Jan 5 high. A clear break of this level would be a bullish development. This would instead signal scope for a climb towards 147.32, the Dec 7 high.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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