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Price Signal Summary - USDJPY Trend Needle Continues To Point North

OUTLOOK
  • In FX, EURUSD has started this week’s session on a firmer note. Note that the trend outlook is bearish and gains are considered corrective - for now. MA studies are in a bear-mode set-up highlighting a downtrend. However, resistance to watch is 1.0772, the 50-day EMA. It has been pierced, a clear would threaten the bearish theme and signal scope for a stronger recovery towards 1.0820, 61.8% of the Jun 4 - 26 downleg. The bear trigger lies at 1.0666, Jun 26 low.
  • A bearish theme in GBPUSD remains in play and the pair continues to trade closer to its recent lows. Key support at 1.2669, the 50-day EMA, has been cleared, signalling scope for a deeper correction towards 1.2584, the May 15 low. For bulls, a reversal higher and a break of 1.2860, the Jun 12 high, would resume the uptrend. Initial firm resistance to watch is 1.2740, the Jun 19 high.
  • The trend in USDJPY is unchanged, it remains bullish and the pair is holding on to its recent gains. Last week’s climb resulted in a breach of key resistance at 160.17, the Apr 29 high. The break confirmed a resumption of the primary uptrend and has opened 161.50, the 1.618 projection of the May 3 - 14 - 16 price swing. Note that moving average studies are in a bull mode position, highlighting a clear uptrend. Initial key support to watch is 158.55, the 20-day EMA.
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