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Price Signal Summary - USDJPY Short-Term Trend Needle Points South

OUTLOOK
  • In FX, EURUSD traded sharply lower Wednesday. The pair did pierce key short-term support at 1.0525, the Mar 8 low. A clear break of this level is required to reinstate a bearish theme that would open 1.0484, the Jan 6 low and 1.0439, a trendline support drawn from the Sep 28 2022 low. Yesterday’s high of 1.0760 marks a key short-term resistance - a break of this level is required to reinstate a bullish theme.
  • GBPUSD has pulled back from the Tuesday high of 1.2204 and this has resulted in a breach of key short-term support at 1.2043, the 20-day EMA. A continuation lower would further undermine the recent bullish theme and instead signal scope for a deeper retracement. For bulls, clearance of 1.2204 is required to reinstate a bullish theme. This would signal open 1.2269, the Feb 14 high.
  • Recent weakness in USDJPY highlights potential for a deeper corrective pullback and the pair is trading at this week’s lows. 132.29, the Mar 13 low, represents an important short-term support. It was pierced yesterday, a clear break would resume the bear leg and open 131.31, 61.8% retracement of the Jan 16 - Mar 8 rally. For bulls, a resumption of strength would open the 136.00 handle and signal scope for a test of the bull trigger at 137.91, the Mar 8 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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