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Price Signal Summary - USDJPY Trend Direction Remains Down

OUTLOOK
  • In FX, EURUSD remains in consolidation mode. The latest pullback is considered corrective. The recent break higher confirmed a resumption of the uptrend and maintains the price sequence of higher highs and higher lows. Sights are on 1.0736,the 2.382 projection of the Sep 28 - Oct 4 - 13 price swing. On the downside, key short-term support to watch is at 1.0443, Dec 7 low, where a break would signal a short-term top. Initial support is 1.0528, the Dec 13 low.
  • GBPUSD traded lower Thursday and dipped below the 1.20 handle. The short-term outlook remains bearish. This follows the move lower on Dec 15 and the latest follow through reinforces this theme. Attention is on the first key support at 1.1901, the Nov 30 low. On the upside, key short-term resistance has been defined at 1.2446, the Dec 14 high.
  • The USDJPY trend outlook remains bearish following Tuesday's sell-off. Key support at 131.74 was cleared, opening losses toward early August lows of 130.41. Moving average studies are in a bear-mode position and price remains well below the 20-day EMA, at 136.34 and is a key resistance.
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