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Free AccessPrice Signal Summary - USDJPY Trend Needle Points North
- In FX, EURUSD trend conditions remain bearish and the reversal lower last Thursday suggests the end of the recent corrective cycle. The pair is trading below the 20-day EMA - at 1.0590. Attention is on 1.0448, the Oct 3 low. A break of this level would confirm a resumption of the downtrend and open 1.0406, 50.0% of the Sep ‘22 - Jul ‘23 bull leg. On the upside, clearance of 1.0640, the Oct 12 high, would signal scope for a stronger correction.
- GBPUSD trend conditions remain bearish and the recent recovery is considered corrective. A continuation lower would refocus attention on support and the bear trigger, at 1.2037, the Oct 4 low. Clearance of this level would confirm a resumption of the downtrend and open 1.1964, 3.00 projection of the Jul 14 - 24 - 27 price swing. For bulls, a break of 1.2337, the Oct 11 high, would signal scope for a stronger corrective phase.
- The USDJPY trend outlook remains bullish and the pair is trading closer to its recent trend highs. Attention is on the 150.00 handle and the recent 150.16 high (Oct 3). A clear break of the 150.00 handle would reinforce bullish conditions and open 150.40, a 2.618 projection of the Jan 16 - Mar 8 - Mar 24 price swing. On the downside, clearance of 147.43, the Oct 3 low, would be a bearish development and signal scope for a deeper retracement.
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Why MNI
MNI is the leading provider
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