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Price Signal Summary - USDJPY Sights Are On The Bull Trigger

OUTLOOK
  • In FX, EURUSD remains in a bear cycle inside the channel drawn from the Feb 10 high. Indications are that the pair is likely to depreciate further near-term. The focus is on 0.9645, 76.4% of the Sep 28 - Oct 4 bull cycle and further out, 0.9536, the Sep 28 low and key support.
  • At this stage, the recent move lower in GBPUSD appears to be a correction of the rally between Sep 26 - Oct 5. A continuation lower would open 1.0922 and 1.0787, 50.0% and 61.8% of the Sep 26 - Oct 5 bull cycle. Initial resistance is at 1.1241, the 20-day EMA.
  • The USDJPY primary uptrend remains intact and sights are on the bull trigger and key resistance at 145.90, the Sep 22 high. A break would confirm a resumption of the trend and open 146.52, 1.236 projection of the May 24 - Jul 14 - Aug 2 price swing.
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