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Price Signal Summary - USDJPY Tests The Top Of Its Bull Channel

OUTLOOK
  • In FX, EURUSD traded above resistance at 1.0812 yesterday, the 50-day EMA. A clear break of the average would strengthen bullish conditions and open 1.0865 initially, 50.0% of the Apr 26 - May 31 downleg. Note that the current trend condition remains bearish and the latest bounce still appears to be a correction. A failure to clear the 50-day average would signal a top. Initial firm support is at 1.0733, the Jun 12 low.
  • GBPUSD traded higher Wednesday, extending the current bull cycle to put prices at new multi-month highs. Price has pierced 1.2680, the May 10 high. A clear break of this level would strengthen bullish conditions - 1.2680 is a key medium-term resistance. This would open 1.2759, 61.8% of the Jun - Sep bear leg. Initial firm support is seen at the 20-day EMA, at 1.2499.
  • USDJPY is trading higher today. The trend condition is bullish and attention remains on key resistance at the top of a bull channel drawn from the Jan 16 low, which intersects at 141.40 today. A clear break of this hurdle (today’s high is 141.50), would be bullish and open 141.61 next, the Nov 23 2022 high. Support to watch is at 139.04, the 20-day EMA.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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