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Price Signal Summary - USDJPY Trend Condition Remains Bullish

OUTLOOK
  • In FX, EURUSD traded higher yesterday but remains below its Feb 22 high. The pair has traded through the 50-day EMA - at 1.0835. A clear break of this average would highlight a stronger reversal. Resistance at 1.0888, Feb 22 high, is also an important price point. A breach would open 1.0932, Jan 24 high. For bears, the shooting star pattern on Feb 22 continues to highlight a possible reversal. A stronger move lower would expose 1.0695, Feb 14 low.
  • GBPUSD traded higher Monday, however, the pair remains inside a range and below the late December high. A bear threat is present and a reversal lower would refocus attention on the bear trigger at 1.2519, Feb 5 low. Clearance of this level would strengthen a bear threat and open 1.2500, the Dec 13 low, and 1.2432,50.0% of the Oct 4 - Dec 28 bull phase. Resistance points to watch are 1.2775, Jan 25 high and 1.2827, the Dec 28 high and bull trigger.
  • The USDJPY trend condition remains bullish and price is trading closer to its recent highs. Support at 149.78, the 20-day EMA, has been pierced but remains intact. A clear break of this average would signal potential for a deeper retracement, potentially towards the 50-day EMA, at 148.44. Sights are on 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. The bull trigger is 150.89, Feb 13 high.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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