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Price Signal Summary - Yen Bulls Remain In The Driver's Seat

OUTLOOK
  • In FX, the trend outlook in EURUSD maintains a softer tone as the pair extends its correction from 1.1017, the Nov 29 high. Price has pierced support at the 50-day EMA - at 1.0774. A clear break of this average would strengthen the current bearish theme and open 1.0733 next, the 50.0% retracement of the Oct 3 - Nov 29 rally, ahead of 1.0693, the Nov 14 low. On the upside, a strong reversal higher would refocus attention on key resistance and the bull trigger at 1.1017. Initial resistance is at 1.0837, the 20-day EMA.
  • The trend direction in GBPUSD remains up, however, a corrective cycle has resulted in lower prices this week. Initial firm support to watch is at 1.2528, the 20-day EMA. A break of this average would signal scope for a deeper pullback and open 1.2436, the 50-day EMA. For bulls, the trigger for a resumption of the uptrend is at 1.2733, the Nov 29 high. A break would open 1.2800.
  • USDJPY maintains a softer tone and the pair is trading sharply lower today. The latest sell-off highlights once again, an attempt to break support at the trendline drawn from Mar 24 low - the trendline intersects at 147.14 today. Today’s successful breach strengthens a bearish threat and sights are on 144.45, the Sep 1 low. Key short-term resistance to watch is 148.51, the Nov 30 high.
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