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Price Signal Summary - USDJPY Trend Needle Continues To Points North

OUTLOOK
  • In FX, EURUSD, remains in a downtrend and this week’s fresh cycle lows confirmed a resumption of the trend. The move lower maintains the price sequence of lower lows and lower highs and note that moving average studies are in bear mode position. This has opened 1.0406, 50.0% of the Sep ‘22 - Jul ‘23 bull leg. Initial firm resistance is at 1.0611, the 20-day EMA. A break would signal the start of a correction. Gains are considered corrective - for now.
  • GBPUSD bears remain in the driver’s seat and this week’s fresh cycle lows have reinforced bearish conditions. The extension lower maintains the price sequence of lower lows and lower highs and moving average studies are in a bear-mode position, reflecting the markets bearish sentiment. The focus is on 1.2028, the Mar 16 low. Initial firm resistance is seen at 1.2279, the 20-day EMA. Short-term gains are considered corrective.
  • USDJPY support at Tuesday’s low of 147.43, remains intact. The recovery from this level is bullish and - for now - the uptrend remains intact. A clear break of the 150.00 handle would reinforce bullish conditions. The bull trigger is 150.16, the Oct 3 high and a break would open 150.40, the 2.618 projection of the Jan 16 - Mar 8 - Mar 24 price swing. On the downside, clearance of 147.43 would be a bearish development and signal scope for a deeper retracement.
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