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Price Signal Summary - USDJPY Short-Term Trend Condition Remains Bullish

OUTLOOK
  • In FX, last week’s pullback in EURUSD appears to be a correction and this is allowing a recent overbought trend condition to unwind. Initial firm support is located at 1.1060, the 20-day EMA. A clear break of this support zone would signal scope for a deeper correction, towards the 50-day EMA at 1.0960. On the upside, the key resistance and bull trigger is unchanged at 1.1276, the Jul 18 high.
  • GBPUSD is trading closer to its recent lows. The pair last week breached support at the 20-day EMA - at 1.2866. A continuation lower would expose the 50-day EMA which intersects at 1.2714. The base of the bull channel, drawn from the Mar 8 low, intersects at 1.2676 and represents a key trend support. The medium-term outlook remains bullish. Key resistance is at 1.3142, the Jul 14 high.
  • USDJPY traded solidly throughout last Friday's session. Recent gains have resulted in a move through both the 20- and 50-day EMAs, strengthening a short-term bullish condition. Attention is on 142.08, the 61.8% Fibonacci retracement for the early July downleg. A break would open 143.22, the 76.4% retracement point. On the downside, key support has been defined at 137.25, the Jul 14 low.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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