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OUTLOOK: Price Signal Summary - USDJPY Trend Needle Points South

OUTLOOK
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  • In FX, the current bull cycle in EURUSD remains intact. Attention is on resistance at 1.0533, the Jan 27 high and a reversal trigger. Clearance of this level would strengthen a bullish condition and pave the way for a climb towards 1.0630, the Dec 6 high. For bears, initial firm support to watch lies at 1.0401, the Feb 19 low. Clearance of this support would signal a potential reversal.
  • A bull cycle in GBPUSD remains in play and the pair has again traded to a fresh cycle high, today. Fresh gains confirm a resumption of the uptrend and maintain the current sequence of higher highs and higher lows. An extension would strengthen the bullish condition and open 1.2767, the 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg. Initial firm support to watch is 1.2518, the 50-day EMA.
  • USDJPY bears remain in the driver’s seat and the pair has again traded to a fresh short-term cycle low, today. The move down has exposed the next key support at 148.65, the Dec 3 ‘24 low. A break of this level would strengthen a bearish condition and pave the way for an extension towards 146.95, the 61.8% retracement of the Sep 16 ‘24 - Jan 10 bull leg. On the upside, initial firm resistance to watch is 152.62, the 20-day EMA.
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  • In FX, the current bull cycle in EURUSD remains intact. Attention is on resistance at 1.0533, the Jan 27 high and a reversal trigger. Clearance of this level would strengthen a bullish condition and pave the way for a climb towards 1.0630, the Dec 6 high. For bears, initial firm support to watch lies at 1.0401, the Feb 19 low. Clearance of this support would signal a potential reversal.
  • A bull cycle in GBPUSD remains in play and the pair has again traded to a fresh cycle high, today. Fresh gains confirm a resumption of the uptrend and maintain the current sequence of higher highs and higher lows. An extension would strengthen the bullish condition and open 1.2767, the 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg. Initial firm support to watch is 1.2518, the 50-day EMA.
  • USDJPY bears remain in the driver’s seat and the pair has again traded to a fresh short-term cycle low, today. The move down has exposed the next key support at 148.65, the Dec 3 ‘24 low. A break of this level would strengthen a bearish condition and pave the way for an extension towards 146.95, the 61.8% retracement of the Sep 16 ‘24 - Jan 10 bull leg. On the upside, initial firm resistance to watch is 152.62, the 20-day EMA.