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Price Signal Summary - USDJPY Trend Structure Remains Bullish

OUTLOOK
  • In FX, EURUSD traded sharply higher Wednesday and as a result breached the 20- and 50-day EMAs. A continuation higher would undermine the recent bearish theme and instead signal scope for a test of key short-term resistance at 1.0916, the Jun 4 high. A break of this level would be a bullish short-term development. On the downside, the pair needs to breach support at 1.0720, the Jun 11 low, to reinstate a bearish threat.
  • The GBPUSD trend condition remains bullish and Wednesday’s gains reinforce current conditions. The pair traded above last week’s highs, to confirm a resumption of the current short-term uptrend. The move paves the way for climb towards the next important resistance at 1.2894, the Mar 8 high. Price has pulled back from yesterday’s high. Key short-term support to watch has been defined at 1.2665, the 50-day EMA.
  • USDJPY has recovered from yesterday’s low. The trend signal remains bullish and short-term weakness in the pair appears to be corrective. A key support zone highlighted by 155.07, the 50-day EMA, and 154.65, a trendline drawn from the Dec 28 low, remains in place for now. A clear break of this zone would highlight a bearish reversal. For bulls, a move above 157.71, the May 29 high, would resume a short-term uptrend.
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