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Price Signal Summary - USDJPY Trend Needle Points South

OUTLOOK
  • In FX, EURUSD traded higher once again Wednesday and the pair maintains a firmer short-term tone. Price has pierced 1.0911, 76.4% of the Feb 2 - Mar 15 bear leg. A clear breach of this hurdle would strengthen bullish conditions and open 1.1000 and a key resistance at 1.1033, the Feb 2 high and a bull trigger. Short-term momentum studies remain bullish. Initial firm support is seen at 1.0760, the Mar 15 high and a recent breakout point.
  • GBPUSD maintains a short-term bullish tone and is trading closer to this week’s highs. The pair has cleared a number of short-term resistance points this week signalling scope for an extension higher. The focus is on 1.2401, the Feb 2 high and 1.2448, the Jan 23 high. The latter is a key medium-term resistance. On the downside, initial firm support lies at 1.2179, the Mar 21 low, ahead of 1.2111, the 20-day EMA.
  • The current downtrend in USDJPY remains intact and the pair has traded lower today, reinforcing current conditions. The move lower maintains the bearish price sequence of lower lows and lower highs. This has exposed 129.75, the 76.4% retracement of the Jan 16 - Mar 8 rally. Firm resistance is seen at the 20-day EMA. The average intersects at 133.70 where a break is required to ease bearish pressure.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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