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Price Signal Summary - USDJPY Trendline Support Remains Intact, For Now.

OUTLOOK
  • In FX, the trend outlook in EURUSD remains bullish and the pair has traded higher this week, resulting in a break of the 1.1000 handle and new multi-month highs. The breach confirms a resumption of the uptrend. The next objective is 1.1065, the Aug 10 high and a key resistance. Note that the trend condition remains overbought, a corrective pullback would allow this condition to unwind. Initial support to watch is 1.0852, the Nov 22 low.
  • The trend direction in GBPUSD remains up and this week’s climb reinforces current conditions. The extension maintains the current positive price sequence of higher highs and higher lows and price has breached 1.2720, 61.8% of the Jul 14 - Oct 4 bear leg. This opens 1.2779, a vol band resistance and 1.2800, the Aug 22 high. On the downside, initial firm support to watch at 1.2445, the 20-day EMA.
  • USDJPY maintains this week’s bearish theme and the pair traded lower earlier. Price is through support at 147.15, Nov 21 low. This cancels a recent bullish pattern and instead confirms a resumption of the bear cycle that started Nov 13. Attention is on support at 146.57, a trendline drawn from the Mar 24 low. The line remains intact - for now - however, a clear break would strengthen the bearish threat and open 145.91, Sep 11 low. Key S/T resistance is 149.75, the Nov 22 high.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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