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Price Signal Summary - USDJPY Trend Needle Points North

OUTLOOK
  • In FX, EURUSD edged higher Monday, resulting in the 50-day EMA being pierced for a second time. The average intersects at 1.0659 - a clear break would signal scope for an extension higher and open 1.0803, the Feb 14 high and a key short-term level. For now, near-term gains are considered corrective. Support to watch is 1.0533, the Feb 27 low and bear trigger.
  • GBPUSD remains in consolidation mode. The trend condition is bearish and support to watch is 1.1915, Feb 17 low. Clearance of this level would confirm a resumption of the bear leg and expose key support at 1.1842, Jan 6 low. A break of this key price point would highlight a broader reversal threat and a potential double top pattern on the daily chart. Key short-term resistance is unchanged at 1.2147, Feb 21 high.
  • USDJPY remains in consolidation mode. The trend outlook is bullish and the pair is holding on to the bulk of its recent gains. Last week, the pair pierced 136.67, 38.2% of the downleg between Oct 21 and Jan 16. A clear break of this retracement would open 138.17, the Dec 15 high. On the downside, the support to watch lies at 133.90, the 50-day EMA. A clear break of this average would signal a reversal.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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