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Price Signal Summary - USDJPY Trend Needle Continues To Point North

OUTLOOK
  • In FX, EURUSD continues to trade below its recent highs. The trend condition is bearish and the reversal lower from 1.0640, Oct 12 high, suggests the end of the recent corrective cycle between Oct 3 - 12. The focus is on 1.0448, Oct 3 low and the bear trigger. Clearance of this level would resume the downtrend and open 1.0406, 50.0% of the Sep ‘22 - Jul ‘23 bull leg. On the upside, a break of 1.0640, is required to signal scope for a stronger correction.
  • GBPUSD is consolidating, however, the trend condition remains bearish. The reversal from recent highs signals the end of a corrective phase between Oct 4 - 11 and this has exposed the bear trigger at 1.2037, the Oct 4 low. A break of this level would confirm a resumption of the downtrend that started in July and open 1.1964, a Fibonacci projection. For bulls, a break of 1.2337, the Oct 11 high, is required to signal scope for a stronger corrective phase.
  • USDJPY continues to trade just below its recent trend highs and bulls remain in the driver’s seat. Moving average studies are in a bull mode set-up, highlighting positive market sentiment and attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of 150.00 would reinforce bullish conditions and open 150.40, a 2.618 projection of the Jan 16 - Mar 8 - Mar 24 price swing. On the downside, a breach of 147.43, Oct 3 low, would mark an important bearish development. Initial support lies at 149.16, 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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