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Price Signal Summary - USDJPY Tests Key Short-Term Support Zone

OUTLOOK
  • In FX, EURUSD remains in an uptrend. Sights are on 1.1095, the Apr 26 high and bull trigger. A break would confirm a resumption of the uptrend and open 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing. Moving average studies remain in a bull-mode condition highlighting bullish sentiment. Key S/T support has been defined at 1.0942, Tuesday’s low. A clear break of it would signal scope for a deeper correction.
  • The trend outlook in GBPUSD remains bullish and a fresh cycle high this week reinforces current conditions, maintaining the bullish price sequence of higher highs and higher lows. The focus is on 1.2599, the Jun 7 2022 high and 1.2667, the May 27 high last year. Support to watch is at the 20-day EMA, which intersects at 1.2450. A clear break of this average is required to signal a short-term top and suggest scope for a deeper correction.
  • USDJPY traded lower Wednesday, extending the pullback from Tuesday’s high of 137.77 high. Price has pierced support at the 20-day EMA which intersects at 134.43. The 50-day EMA lies at 133.84. A clear breach of this support zone would undermine the recent bullish theme and signal scope for a deeper pullback. Key resistance is unchanged at 137.91, the Mar 8 high. A break would be bullish.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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