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Price Signal Summary - USDJPY Trend Condition Remains Bullish

OUTLOOK
  • In FX, EURUSD maintains a bearish theme and the pair continues to trade just above its recent lows. The recent break lower confirms a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. This has opened 1.0724, the Dec 8 low, and 1.0712, 61.8% of the Oct - Dec bull leg. Clearance of this support zone would strengthen the bearish theme. Initial resistance is at 1.0853, the 20-day EMA.
  • GBPUSD bearish conditions remain intact and the latest recovery appears to be a correction. The recent sell-off has resulted in a clear break of support at 1.2597, the Jan 17 low and the base of a range that has been in place since mid-January. The clear range breakout strengthens a bearish condition and opens 1.2500, the Dec 13 low. Initial firm resistance is at 1.2674, the 20-day EMA.
  • The USDJPY trend outlook remains bullish. Key resistance at 148.80, the Jan 19 high, has been pierced. A continuation higher and a clear break of this hurdle would confirm a resumption of the uptrend that started late December. This would open 149.16, 76.4% of the Nov 13 - Dec 28 bull leg and signal scope for gains towards 149.75, the Nov 22 high. Key short-term support lies at 145.90, the Feb 1 low.
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