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Price Signal Summary - USDJPY Sights Are On 150.00

OUTLOOK
  • In FX, EURUSD started the week on a firmer note, trading higher Monday and has breached the 20-day EMA. Attention on key resistance at 0.9918 - the top of the bear channel drawn from the Feb 10 high. A clear break of this hurdle would highlight a channel breakout and a stronger reversal. For now, gains are considered corrective. Key short-term support is at 0.9633, the Oct 13 low.
  • GBPUSD is holding on to the bulk of its recent gains. Attention is on 1.1495, the Oct 5 high and bull trigger. The pair has traded above the 20-day EMA and this has improved short-term conditions for bulls. A break of 1.1495 would strengthen a bullish condition. Key short-term support is at 1.0924, the Oct 12 high.
  • USDJPY maintains a bullish tone and the path of least resistance remains up. Last week's gains resulted in a break of 145.90, Sep 22 high and 147.66, the Aug 1998 high. This paves the way for a climb towards the 150.00 handle next.
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