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Price Signal Summary - USDJPY Support Remains Intact

OUTLOOK
  • In FX, the trend outlook in EURUSD remains bullish and sights are on the recent 1.0965 high (Nov 21). Clearance of this level would confirm a resumption of the uptrend. The next objectives are 1.1005, Aug 11 high and 1.1065, the Aug 10 high and a key resistance. Note that the trend condition remains overbought, a corrective pullback would unwind this condition. Initial support to watch is 1.0825, the Nov 17 low.
  • The trend direction in GBPUSD remains up and Monday’s gains reinforce current conditions. The extension maintains the current positive price sequence of higher highs and higher lows and price has breached 1.2589, 50.0% of the Jul 14 - Oct 4 bear leg. This opens 1.2720, the 61.8% retracement level and 1.2759, a vol band resistance. On the downside, initial firm support to watch has been defined at 1.2419, the 20-day EMA.
  • USDJPY remains above last week’s low for now. The bullish price pattern on Nov 21 - a dragonfly doji candle - continues to signal a potential reversal. If correct, it suggests scope for a rally that would expose key resistance at 151.95, the Oct 21 2022 high. For bears, clearance of 147.15, the Nov 21 low, would cancel the reversal pattern and instead open 146.48, trendline support drawn from Mar 24.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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