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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Price Signal Summary - USDJPY Trend Needle Points North
- 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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.