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Price Signal Summary - USDJPY Uptrend Remains Intact

OUTLOOK
  • In FX, short-term gains in EURUSD are considered corrective and the pair remains vulnerable. Attention is on 1.0533, the Feb 27 low. This level has been pierced, a clear break would confirm a resumption of the downtrend and open 1.0484, the Jan 6 low and a key support. A trendline support lies at 1.0409 - the line is drawn from the Sep 28 low. Key resistance is unchanged at 1.0694, the Mar 6 and 7 high.
  • GBPUSD remains vulnerable following Tuesday's sell-off and short-term gains are considered corrective. The break lower this week has resulted in a print below key support at 1.1842, the Jan 6 low. A clear breach of this level would highlight a potential medium-term reversal and confirm a double top pattern on the daily frequency. This would open 1.1647, 38.2% of the Sep 26 - Jan 23 bull phase. Initial firm resistance is seen at 1.2011, the 20-day EMA.
  • USDJPY trend outlook is unchanged and remains bullish. This week’s break of 137.09, Mar 2 high, confirmed a resumption of the current uptrend and attention is on resistance at 138.17, the Dec 15 high and the next key short-term hurdle. Clearance of this level would reinforce bullish conditions. Further out, scope is seen for a climb towards 139.59,50.0% of the Oct 21 and Jan 16 bear leg. Initial firm support lies at 135.37. the Mar 6 low.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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