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Price Signal Summary - USDJPY Trend Needle Points North

  • In FX, the trend needle in EURUSD points south and the recovery from last Friday’s low is considered corrective - for now. Last week’s move down resulted in a test of 1.0773, the base of a bull channel drawn from the Mar 15 low. This level represents an important pivot point and a clear break would strengthen bearish conditions and open 1.0733, the Jun 12 low. Initial firm resistance is at 1.0900, the 20-day EMA.
  • GBPUSD trend conditions remain bearish and the pair is trading closer to its recent lows. Last week’s move lower resulted in a break of support at 1.2621, the Aug 14 low. The pair has also breached 1.2591, the Jun 29 low. This confirms a resumption of the downtrend and the end of a recent consolidative phase. The focus is on 1.2521 next, 1.382 projection of the Jul 14 - 24 - 27 price swing. On the upside, firm resistance is unchanged at 1.2711, the 20-day EMA.
  • The uptrend in USDJPY remains intact and Monday’s fresh cycle high reinforces bullish conditions and confirms a resumption of the uptrend. Note that moving average studies remain in a bull mode condition, reflecting current positive market sentiment. The focus is on 147.49, the 2.00 projection of the Jul 14 - 21 - 28 price swing. Support to watch lies at 144.77, the 20-day EMA.

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