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OUTLOOK: Price Signal Summary - USDJPY Trend Needle Points North

OUTLOOK
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  • In FX, the trend condition in EURUSD remains bearish and recent short-term gains have proved to be a correction. Friday’s move lower resulted in a print below 1.0226, the Jan 2 low. The break of 1.0226 confirms a resumption of the downtrend. Sights are on 1.0138 next, a 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Resistance to watch is 1.0458, Dec 30 high. Resistance at the 20-day EMA, is at 1.0361.
  • The trend condition in GBPUSD remains bearish and the pair traded to a fresh trend low on Monday. Last week’s move down confirmed a resumption of the downtrend. Note too that moving average studies are in a bear-mode position highlighting a dominant bear trend. Sights are on 1.2087 next, a 0.764 projection of the Sep 26 - Nov 22 - Dec 6 price swing. Initial firm resistance is at 1.2367, the Jan 9 high.
  • The trend condition in USDJPY is unchanged, it remains bullish and the pair is holding on to the bulk of its recent gains. Last week’s fresh cycle high, reinforces the bullish theme. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and opens 159.45, the Jul 12 high. Initial firm support is 156.78, the 20-day EMA.
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  • In FX, the trend condition in EURUSD remains bearish and recent short-term gains have proved to be a correction. Friday’s move lower resulted in a print below 1.0226, the Jan 2 low. The break of 1.0226 confirms a resumption of the downtrend. Sights are on 1.0138 next, a 1.764 projection of the Sep 25 - Oct 23 - Nov 5 price swing. Resistance to watch is 1.0458, Dec 30 high. Resistance at the 20-day EMA, is at 1.0361.
  • The trend condition in GBPUSD remains bearish and the pair traded to a fresh trend low on Monday. Last week’s move down confirmed a resumption of the downtrend. Note too that moving average studies are in a bear-mode position highlighting a dominant bear trend. Sights are on 1.2087 next, a 0.764 projection of the Sep 26 - Nov 22 - Dec 6 price swing. Initial firm resistance is at 1.2367, the Jan 9 high.
  • The trend condition in USDJPY is unchanged, it remains bullish and the pair is holding on to the bulk of its recent gains. Last week’s fresh cycle high, reinforces the bullish theme. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and opens 159.45, the Jul 12 high. Initial firm support is 156.78, the 20-day EMA.