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Price Signal Summary - USDJPY Trend Needle Continues To Point South

OUTLOOK
  • In FX, EURUSD traded lower Friday and the pair remains below 1.0930, the Mar 23 high. Price has breached 1.0760, Mar 15 high and attention turns to support at 1.0703 (20-day EMA) and 1.0675 (50-day EMA). A break of this support zone would expose the recent low at 1.0516 on Mar 15. For bulls, clearance of 1.0930 would reinstate the recent bull theme and signal scope for a climb towards 1.1033, the Feb 2 high.
  • GBPUSD maintains a bullish tone despite the pullback from 1.2344, the Mar 23 high. The pair has recently cleared a number of resistance points signalling scope for an extension higher. This has opened 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term resistance. On the downside, initial firm support lies at 1.2179, the Mar 21 low, ahead of 1.2138, the 20-day EMA and a key short-term chart point.
  • The current downtrend in USDJPY remains intact and the pair traded lower again Friday, reinforcing current conditions. The move down maintains the bearish price sequence of lower lows and lower highs. Price has pierced 129.75, 76.4% of the Jan 16 - Mar 8 rally. A clear break would open 129.12, the Feb 2 low. Firm resistance is seen at the 20-day EMA, at 133.17 where a break is required to ease bearish pressure.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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