TEST FROM BANK OF CANADA, PLEASE IGNORE

MNI BRIEF: US Existing Home Sales Fall 5.4% To 3.89M In June

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

MNI: UK APR-JUN MEDIAN PAY AWARDS +4.9% :Brightmine

US Treasury Auction Calendar

BoC Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Price Signal Summary - USDJPY Retracement Extends

OUTLOOK
  • In FX, EURUSD traded lower again Friday as it extends the recent break of former support at 1.0942, the May 2 low. The pair has cleared the 50-day EMA, at 1.0893, a key support. The break signals scope for an extension lower towards 1.0831, the Apr 10 low and 1.0805, the 50.0% retracement of the Mar 15 - Apr 26 bull run. The current pullback is considered corrective. Initial firm resistance is at 1.0962, the 20-day EMA.
  • The trend outlook in GBPUSD remains bullish. However, the pair has entered a short-term corrective cycle following the pullback from last week’s high of 1.2680 on May 10. A continuation lower would expose the 50-day EMA which intersects at 1.2395 - a key short-term support. A clear break of this average would strengthen bearish conditions. On the upside, the bull trigger is at 1.2680.
  • USDJPY is trading higher as the pair extends the retracement of the sell-off between May 2 - 4. A continuation higher would open 136.63, the May 3 high. Clearance of this resistance would expose 137.77, the May 2 high and 137.91, the Mar 8 high. On the downside, a resumption of weakness would instead signal scope for a test of 133.50, the May 4 low and a key short-term support. Clearance of this level would reinstate the recent bearish theme.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.