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Price Signal Summary - USDJPY Trend Condition Remains Bullish

OUTLOOK
  • In FX, EURUSD traded higher last week and for now remains closer to its recent peak. The break of resistance at 1.0864, the Mar 26 high, highlights a positive development for bulls. A resumption of gains would open 1.0943, the Mar 21 high. On the downside, a deeper pullback would instead refocus attention on 1.0725, the Apr 2 low ahead of the key support at 1.0695, the Feb 14 low and bear trigger. Initial support lies at 1.0791, Friday’s low.
  • A bearish threat in GBPUSD remains present despite recent gains. Attention is on resistance at 1.2664, the 50-day EMA. It was pierced last week, a clear break of this average would improve short-term conditions and signal scope for stronger recovery. This would open 1.2717, 50.0% of the Mar 8 - Apr 1 bear leg. For bears, key support to watch lies at 1.2519, the Feb 5 low. A resumption of weakness and a clear break of this level would strengthen the bearish theme and open 1.2465, 50.0% of the Oct 4 - Mar 8 bull leg.
  • Bullish conditions in USDJPY remain intact and the recent move lower appears to have been a shallow correction. A flag formation on the daily chart - a bullish pattern, reinforces the uptrend and note that MA studies are in a bull-mode position too. A clear break of the major 151.91/95 hurdle, the Nov 13 ‘23 and Oct 1 ‘22 highs respectively, would resume the uptrend and open 152.66, the 1.236 projection of the Feb 1 - 13 - Mar 8 price swing. Support is 150.83, the 20-day EMA.
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