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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 pullback from yesterday’s high is likely a correction. Note that the trend condition is overbought and a corrective pullback would allow this set-up to unwind. Initial support to watch is 1.0852, the Nov 22 low. This week’s gains have resulted in a break of resistance at the 1.1000 handle and fresh multi-month highs. The next objective is 1.1065, the Aug 10 high and a key resistance.
  • 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. Moving average studies are in a bull-mode position, highlighting an uptrend. The focus is on 1.2800, the Aug 22 high and 1.2808, a vol band resistance and. On the downside, initial firm support to watch at 1.2469, the 20-day EMA.
  • USDJPY has this week breached 147.15, Nov 21 low. This cancels a recent bullish pattern and highlights a resumption of the bear cycle that started Nov 13. Attention is on a key support at 146.67, a trendline drawn from the Mar 24 low. A clear break would strengthen the bearish threat and open 145.91, Sep 11 low. Key short-term resistance is 149.75, the Nov 22 high. A move above this hurdle would be a bullish development.
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