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Price Signal Summary - USDJPY Trend Needle Still Points South

OUTLOOK
  • In FX, EURUSD trend conditions remain bullish. The recent break of 1.0787, the May 30 2022 high and a key resistance, reinforces the bullish theme. Note too that moving average studies continue to highlight a bullish backdrop. The focus is on 1.0913 next, the 2.764 projection of the Sep 28 - Oct 4 - Oct 13 price swing. Initial firm support lies at 1.0680 the 20-day EMA.
  • GBPUSD traded higher Monday and this reinforces bullish conditions. Price has recently breached resistance at 1.2242, the Dec 19 high and a continuation higher would open 1.2303, 76.4% of the Dec 14 - Jan 6 bear leg. Further out, this would expose 1.2446, the Dec 14 high and a key resistance. Initial support is 1.2083, the Jan 9 low.
  • The downtrend in USDJPY remains intact. Moving average studies are in a bear mode condition and a downward price sequence highlights a clear bear cycle. Furthermore, the 50- and 200-dmas have crossed, highlighting a potential bearish death cross. The focus is on 126.81, the 1.382 projection of the Oct 31 - Nov 15 - 21 price swing. Initial resistance is at 129.52, the Jan 3 low and a recent breakout point.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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