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Price Signal Summary - USDJPY Trend Direction Remains Down

OUTLOOK
  • In FX, EURUSD maintains a firmer tone despite Wednesday's move lower. Price has this week breached resistance at 1.0930, Mar 23 high. This level marked a key short-term hurdle for bulls and the clear break reinstates the recent bull theme and signals scope for 1.1033, the Feb 2 high. Support to watch lies at 1.0802 (20-day EMA) and 1.0730 (50-day EMA). A move through this support zone would be bearish.
  • GBPUSD maintains a bullish tone. The pair has this week breached key resistance at 1.2448, the Jan 23 high and the top of a broad range that started December 14 2022. The break represents an important short and medium-term development and signals the next stage of the uptrend that started Sep 26 last year. The focus is on 1.2603 next, the top of a MA envelope study. Support to watch lies at 1.2279, the 20-day EMA.
  • The trend direction in USDJPY remains down and this week’s move lower reinforces this theme. Resistance at the 50-day EMA has recently been tested, it intersects at 133.17 and represents a key S/T hurdle for bulls. A clear break would suggest scope for a stronger recovery. This would open 134.75, 61.8% of the Mar 8 - 24 bear leg. The bear trigger is at 129.64, Mar 24 low. A break would resume the downtrend.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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