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Price Signal Summary - USDJPY Trend Needle Points North

OUTLOOK
  • In FX, EURUSD trend conditions remain bearish following last week’s extension of the bear leg that started on Apr 26. The 50-day EMA, at 1.0881 and a former key support, has recently been breached. This strengthened bearish conditions and signals scope for a continuation lower towards 1.0737 next, 61.8% retracement of the Mar 15 - Apr 26 bull run. Clearance of this level would open 1.0713, the Mar 24 low. A firm resistance is seen at 1.0908, the 20-day EMA.
  • GBPUSD maintains a softer tone following last week’s extension lower. The 50-day EMA which intersects at 1.2409, has been pierced. This average represents a key support and a clear break would strengthen current bearish conditions and expose 1.2345, the Apr 10 low. On the upside, firm resistance is seen at 1.2547, the May 16 high where a break is required to signal a possible reversal. First resistance is at 1.2493, the 20-day EMA.
  • USDJPY bullish conditions remain intact following last weeks’ strong gains. A key resistance zone between 137.77-91, the May 2 and Mar 8 high respectively, has been cleared. The break strengthens bullish conditions and confirms a resumption of the uptrend that started on Jan 16. The focus is on 139.00 next. Initial firm support is seen at 135.78, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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