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Price Signal Summary - USDJPY Trendline Remains Exposed

OUTLOOK
  • In FX, the trend outlook in EURUSD remains bullish, however, the pair started the week on a softer note as it extends the pullback from last week’s 1.1017 high (Nov 17). The move lower appears to be a correction. Note that the trend condition is overbought and the move lower is allowing this set-up to unwind. Support to watch is 1.0770, the 50-day EMA. A resumption of gains would refocus attention on the next objective at 1.1065, the Aug 10 high.
  • The trend direction in GBPUSD remains up and the move lower Monday is considered corrective. Recent gains maintain the current positive price sequence of higher highs and higher lows. The focus is on 1.2800, the Aug 22 high and 1.2868, a vol band resistance. On the downside, initial firm support to watch is at 1.2517, the 20-day EMA.
  • USDJPY maintains a softer tone. The pair traded lower last week and breached 147.15, the Nov 21 low. The move lower highlights a resumption of the bear cycle that started Nov 13. Attention is on a key support at 146.95, a trendline drawn from the Mar 24 low. This line was breached Monday. A clear break would signal a stronger reversal and open 145.91, the Sep 11 low. Key short-term resistance to watch is 148.51, the Nov 30 high.
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Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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