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Price Signal Summary - USDJPY Trend Needle Points South

OUTLOOK
  • In FX, EURUSD has traded slightly higher today. Wednesday’s sell-off resulted in a brief test below key short-term support at 1.0525, the Mar 8 low. A clear break of this level is required to reinstate a bearish theme that would open 1.0484, the Jan 6 low and 1.0446, a trendline support drawn from the Sep 28 2022 low. Wednesday’s high of 1.0760 marks a key short-term resistance - a break of this level would reinstate a bullish theme.
  • GBPUSD remains below Tuesday's high of 1.2204. Clearance of 1.2204 is required to reinstate a bullish theme and this would open 1.2269, the Feb 14 high. On the downside, support to watch lies at 1.2011, the Mar 15 low. A breach of this level would strengthen a bearish case and instead signal scope for a deeper retracement. The key support lies at 1.1804, the Mar 8 low and marks the bear trigger.
  • Recent weakness in USDJPY highlights potential for a deeper corrective pullback and the pair is trading closer to this week’s lows. 132.29, the Mar 13 low, represents an important short-term support. It has been pierced, a clear break would resume the bear leg and open 131.31, the 61.8% retracement of the Jan 16 - Mar 8 rally. For bulls, a resumption of strength would instead open the 136.00 handle and signal scope for a test of the bull trigger at 137.91, the Mar 8 high.
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