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Price Signal Summary - USDJPY Trend Condition Remains Bullish

OUTLOOK
  • In FX, a bull theme in EURUSD remains intact and yesterday’s gains are a positive development. A continuation higher would signal scope for a test of key short-term resistance at 1.0981, the Mar 8 high and bull trigger. Clearance of this level would confirm a resumption of the bull cycle that started Feb 14. Key short-term support has been defined at 1.0835, the Mar 19 low. A break would be bearish.
  • GBPUSD traded higher yesterday, extending the bounce from Tuesday’s low. The recent move down from 1.2894, Mar 8 high, appears to be a correction, and the bull trend remains intact. The pair has found support just below the 50-day EMA - at 1.2690 - and this average remains an important support. A break would expose 1.2600, the Mar 1 low. Key resistance and the bull trigger is at 1.2894, the Mar 8 high.
  • USDJPY bulls remain in the driver’s seat and this week’s gains reinforce current conditions. Price has breached key S/T resistance at 150.89, the Feb 13 high, to confirm a resumption of the uptrend. Sights are on 151.91 and 151.95, the Nov 13 high and Oct 1 ‘22 highs respectively. Clearance of this resistance would confirm a resumption of the long-term uptrend and open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Initial firm support is 149.27, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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