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Price Signal Summary - USDJPY Trend Needle Points North

OUTLOOK
  • In FX, EURUSD traded higher Wednesday and moved through resistance at the 50-day EMA, at 1.0662 today. For now, short-term gains are considered corrective, however, a continuation higher would expose resistance at 1.0803, the Feb 14 high and a key short-term level. Clearance of this hurdle would strengthen a bullish case. Attention is on Monday’s low of 1.0533, a break would resume the bear cycle and open 1.0484, Jan 6 low and key support.
  • GBPUSD trend conditions remain bearish and the pair has failed to hold on to its gains earlier in the week - resistance remains intact. A break of 1.1915, the Feb 17 low would confirm a resumption of the bear leg and expose key support at 1.1842, Jan 6 low. Clearance of this important price point would highlight a broader reversal threat and a potential double top pattern on the daily chart. Key short-term resistance is seen at 1.2147, Feb 21 high.
  • USDJPY bulls remain in the driver’s seat and the pair is holding on to its recent gains. Price has pierced 136.67, the 38.2% retracement of the downleg between Oct 21 and Jan 16. A clear break of this hurdle would set the scene for a climb towards 138.17, the Dec 15 high. On the downside, the support to watch lies at 133.61, the 50-day EMA. A clear break of this EMA is required to signal a possible reversal.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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