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Price Signal Summary - USDJPY Trend Outlook Remains Bearish

OUTLOOK
  • In FX, the recovery in EURUSD that started on Dec 8 is a bullish development and the latest consolidation appears to be a pennant - a bullish continuation signal. The rally suggests scope for a test of key short-term resistance at 1.1017, the Nov 29 high and a bull trigger. Moving average studies remain in a bull-mode position, highlighting an uptrend. Key support has been defined at 1.0724, the Dec 8 low. Initial support is at 1.0872, the 20-day EMA.
  • The trend outlook in GBPUSD remains bullish and recent weakness is considered corrective. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Key resistance and the bull trigger at 1.2733, the Nov 29 high, has recently been cleared, confirming a resumption of the uptrend. Sights are on 1.2800 next, the Aug 22 high. Initial firm support to watch is 1.2603, the 20-day EMA.
  • USDJPY remains below Tuesday’s high. The recovery from 140.97, the Dec 14 low, appears to be a correction - for now. Recent weakness has reinforced current bearish conditions. On Dec 14, the pair breached support at 141.71, the Dec 7 low, to confirm a resumption of the downtrend that started on Nov 13. Sights are on 140.71, 76.4% of the Jul 14 - Nov 13 bull run. Key short-term resistance has been defined at 146.59, the Dec 11 high. Initial resistance is at 144.96, the Dec 19 high.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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