MNI China Daily Summary: Tuesday, December 10

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Price Signal Summary - USDJPY Sell-Off Exposes Key Support

OUTLOOK
  • In FX, Friday’s strong rally in EURUSD resulted in a break of resistance at 1.0870, the Jul 25 / 29 high. Today’s gains mark an extension of Friday's rally and this has resulted in a break of key short-term resistance and the bull trigger at 1.0948, the Jul 17 high. The move higher resumes the uptrend and opens 1.0981 next, the Mar 8 high and an important resistance. Key short-term support has been defined at 1.0778, last Thursday’s low.
  • GBPUSD remains in a bear-mode condition despite Friday’s bounce. Last week’s move down resulted in a break of the 50-day EMA - at 1.2790 - and a breach of a trendline at 1.2765, drawn from the Apr 22 low. The clear break of the EMA and the trendline, suggests scope for an extension towards 1.2672 next, 50.0% of the Apr 22 - Jul 17 bull cycle. On the upside, initial resistance to watch is at 1.2844, the 50-day EMA.
  • USDJPY remains bearish and last week’s sell-off plus today’s impulsive move lower, reinforces this condition. This opens the next key support at 140.25, the Dec 28 ‘23 low. Note that the pair is in an extreme oversold condition, however a clear reversal pattern / signal in price is required to highlight a change in direction. Initial resistance is seen at 146.66, today’s intraday high.
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