Price Signal Summary - USDJPY Short-Term Bear Threat Remains Present

In FX, key resistance in EURUSD has pulled back from Thursday’s 1.0094 high. A bullish theme remains intact - the pair has this week cleared the top of the bear channel drawn from the Feb 10 high. This breakout highlights a stronger reversal and opens 1.0198 next, Sep 12 high. Support to watch is 0.9848, the former bear channel resistance.
GBPUSD maintains a bullish tone following the recent break of resistance at 1.1495. This has confirmed a bullish price sequence of higher highs and higher lows on the daily chart and signals scope for a cimb towards 1.1738 next, the Sep 13 high and the next key short-term resistance. Initial support is at 1.1435, the 50-day EMA.
USDJPY is firmer today and remains above Thursday’s low of 145.11. This week’s print below 145.56, Oct 24 low, highlights a short-term bearish threat and signals scope for an extension of the current bearish cycle - a likely correction. Momentum studies are trending down as a recent overbought condition unwinds. The focus is on the 50-day EMA at 143.89 - a key support. Initial resistance is at 148.41, the Oct 26 high.