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Price Signal Summary - USDJPY Trend Needle Points South

OUTLOOK
  • In FX, EURUSD is trading above last Friday’s low of 1.0713 and key short-term resistance at 1.0930, the Mar 23 high, remains intact. Attention is on support at 1.0712 (20-day EMA) and 1.0680 (50-day EMA). A break of this support zone would expose the recent low at 1.0516 on Mar 15. For bulls, clearance of 1.0930 would reinstate the recent bull theme and signal scope for a climb towards 1.1033, the Feb 2 high.
  • GBPUSD is holding on to its recent gains and maintains a bullish tone. The pair has recently cleared a number of resistance points signalling scope for an extension higher. This has exposed 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 1.2152, the 20-day EMA. A break of the EMA would be a bearish development.
  • The trend direction in USDJPY is unchanged and remains down. The pair traded lower Friday, reinforcing current bearish conditions. The move down maintains the current bearish price sequence of lower lows and lower highs. Price has pierced 129.75, 76.4% of the Jan 16 - Mar 8 rally. A clear break would open 129.12, the Feb 2 low. Firm resistance is seen at the 20-day EMA, at 133.02 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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