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Price Signal Summary - USDJPY Trend Needle Points North

OUTLOOK
  • In FX, the uptrend in EURUSD remains intact and the pair continues to trade above 1.0898, the 20-day EMA. The recent breach of 1.1033, Feb 2 high, reinforces bullish conditions and maintains the trend sequence of higher highs and higher lows. The bull trigger is 1.1076, Apr 14 high. The focus is on 1.1127, the 1.00 projection of the Mar 15 - 23 - 24 price swing and 1.1185, Mar 31 2022 high. On the downside, a break of the 20-day EMA would signal scope for a deeper retracement.
  • GBPUSD remains in an uptrend and the recent pullback appears to be a correction. The pair has pierced support at 1.2376 the 20-day EMA. A clear break of this average is required to signal scope for a deeper correction. On the upside, a resumption of gains would refocus attention on last week’s 1.2546 high where a break would resume the uptrend and open 1.2599, Jun 7 2022 high. Support below the 20-day EMA lies at 1.2345, the Apr 10 low.
  • The current short-term uptrend in USDJPY remains intact and the pair traded higher Wednesday. Resistance at 134.75, 61.8% of the Mar 8 - 24 bear leg, has been breached. This strengthens the current bullish theme and signals scope for an extension towards 135.96 next, the 76.4% retracement. On the downside, initial firm support lies at 133.23, the 20-day EMA. Key short-term support is at 132.02, the Apr 13 low. A break of this level would be bearish.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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