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Price Signal Summary - USDJPY Trend Structure Remains Bearish

OUTLOOK
  • In FX, EURUSD maintains a positive tone and is trading higher today. Price has cleared key resistance at 1.1017, the Nov 29 high and a bull trigger. The break of this hurdle confirms a resumption of the uptrend and opens 1.1065, the Aug 10 high, ahead of 1.1081, the 76.4% retracement of the Jul 18 - Oct 3 downleg. Moving average studies are in a bull-mode set-up, highlighting an uptrend. Initial firm support is seen at 1.09221, the 20-day EMA.
  • The trend outlook in GBPUSD remains bullish and the pair is trading closer to its recent highs. Moving average studies are in a bull-mode set-up, highlighting a rising trend. Furthermore, 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 1.2636, the 20-day EMA.
  • USDJPY is unchanged and remains below 144.96, the Dec 9 high. The recent recovery from 140.97, the Dec 14 low, appears to be a correction and trend conditions remain bearish. On Dec 14, the pair breached support at 141.71, the Dec 7 low, confirming a resumption of the downtrend that started on Nov 13. This opens 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.
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