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Price Signal Summary - USDJPY Trend Needle Points South

OUTLOOK
  • In FX, the EURUSD remains in an uptrend and the pair traded slightly higher Monday to confirm a resumption of the primary uptrend. The extension maintains the bullish price sequence of higher highs and higher lows. The focus is on 1.0954, the Apr 11 2022 high. Initial firm support is at 1.0740, the 20-day EMA. A break of the average would signal the start of a correction.
  • GBPUSD bullish conditions remain intact. The pair on Monday, pierced resistance at 1.2446, the Dec 14 high. The move higher reinforces bullish conditions and a clear break of 1.2446 would resume the uptrend that started late September 2022. This would open 1.2506, the 1.382 projection of the Sep 26 - Oct 5 - Oct 12 price swing. On the downside, initial firm support to watch is seen at 1.2215, the 20-day EMA. A break of this EMA would warn of a potential short-term top.
  • USDJPY trend conditions remain bearish. The pair is trading below last week’s high of 131.58 and the 20-day EMA, at 130.98. Recent activity appears to be a bear flag formation, reinforcing the downtrend. A break lower would open 126.81, 1.382 projection of the Oct 31 - Nov 15 - 21 price swing - the bear trigger is 127.23, the Jan 16 low. On the upside, clearance of 131.58, the Jan 18 high, would be a bullish development and signal scope for a stronger correction.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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