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OUTLOOK: Price Signal Summary - USDJPY Tests Resistance At The 50-Day EMA

OUTLOOK
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  • In FX, a short-term bull theme in EURUSD remains intact and this week’s gains reinforce this set-up. A candle formation on Feb 3 - a hammer - continues to signal a possible reversal. The pair has pierced a key resistance at the 50-day EMA, at 1.0426. A clear breach of the average would strengthen a bullish condition and signal scope for stronger recovery and open 1.0533, the Jan 27 high. Initial firm support lies at 1.0272, the Feb 4 low.
  • GBPUSD has recovered from Tuesday’s low and attention is on 1.2550, the Feb 5 high. Clearance of this level would confirm a clear break of the 20- and 50-day EMAs, and strengthen a bullish theme. This would signal scope for a climb towards 1.2610, 38.2% of the Sep 26 ‘24 - Jan 13 bear leg. Key short-term support to watch has been defined at 1.2249, the Feb 3 low. Initial support lies at 1.2333, the Feb 11 low.
  • USDJPY is holding on to this week’s gains. The move higher appears to be a correction - for now -and this is allowing an oversold trend condition to unwind. Key short-term resistance is seen at 154.51, the 50-day EMA. It has been pierced, a clear breach of the average would highlight a stronger reversal of the Jan 10 - Feb 7 bear leg. This would open 155.89, the Feb 3 high. Key support and bear trigger is unchanged at 150.93, the Feb 7 low.
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  • In FX, a short-term bull theme in EURUSD remains intact and this week’s gains reinforce this set-up. A candle formation on Feb 3 - a hammer - continues to signal a possible reversal. The pair has pierced a key resistance at the 50-day EMA, at 1.0426. A clear breach of the average would strengthen a bullish condition and signal scope for stronger recovery and open 1.0533, the Jan 27 high. Initial firm support lies at 1.0272, the Feb 4 low.
  • GBPUSD has recovered from Tuesday’s low and attention is on 1.2550, the Feb 5 high. Clearance of this level would confirm a clear break of the 20- and 50-day EMAs, and strengthen a bullish theme. This would signal scope for a climb towards 1.2610, 38.2% of the Sep 26 ‘24 - Jan 13 bear leg. Key short-term support to watch has been defined at 1.2249, the Feb 3 low. Initial support lies at 1.2333, the Feb 11 low.
  • USDJPY is holding on to this week’s gains. The move higher appears to be a correction - for now -and this is allowing an oversold trend condition to unwind. Key short-term resistance is seen at 154.51, the 50-day EMA. It has been pierced, a clear breach of the average would highlight a stronger reversal of the Jan 10 - Feb 7 bear leg. This would open 155.89, the Feb 3 high. Key support and bear trigger is unchanged at 150.93, the Feb 7 low.