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Price Signal Summary - USDJPY Trend Needle Points South

OUTLOOK
  • In FX, EURUSD is holding on to this week’s gains. The continuation higher confirms a resumption of the uptrend. The recent break of the bull trigger at 1.0735, the Dec 15 high, maintains the positive price sequence of higher highs and higher lows and note that moving average studies are in a bull-mode position. The focus is on 1.0787, the May 30, 2022 high.
  • GBPUSD is trading just below its recent highs. The short-term outlook remains bullish. The recovery from 1.1842, the Jan 6 low and key support, highlighted an early reversal and Monday’s gains reinforce the signal that suggests the end of the recent bear cycle between Dec 14 - Jan 6. Note too that moving average studies are in a bull-mode position, highlighting a broader uptrend. Sights are on 1.2242 next, the Dec 19 high.
  • USDJPY continues to trade below 134.77, the Jan 6 high. The pullback and weak close on Jan 6, reinforces a bearish theme and suggests that recent gains have been a correction. Moving average studies are in a bear-mode position, highlighting a broader downtrend. The key support and trigger for a resumption of the trend is 129.52, Jan 3 low. Initial key short-term resistance is at 134.77.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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