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USDJPY Approaches Key Resistance And Bull Trigger

MARKET INSIGHT
  • In the equity space, the short-term trend condition in the S&P E-Minis remains bearish. Price has cleared the 50-day EMA, at 4088.49. The breach of this pivot support strengthens the case for bears and signals scope for weakness towards 3983.25 next, 50% retracement of the Jun 17 - Aug 16 upleg. EUROSTOXX 50 sold off sharply Friday, resuming the current bearish cycle. The break opens 3526.00, 61.8% retracement of the Jul 5 - Aug 17 rally.
  • In FX, EURUSD remains bearish following the recent breach of key support at 0.9952, Jul 14 low. This confirmed a resumption of the primary downtrend. The focus is on 0.9883 next, 1.764 projection of the Jun 9 - 15 - 27 price swing. The pullback from Friday’s high of 1.0090 reinforces the bearish theme. The GBPUSD trend needle still points south and today’s move lower confirms a resumption of the downtrend. The focus is on the 1.1600 handle. USDJPY short-term conditions remain bullish and the pair has started the week on a firm note, clearing recent resistance at 137.71, Aug 22 high. The break opens 139.39, the Jul 14 high. A breach of this hurdle would confirm a resumption of the primary uptrend.
  • On the commodity front, Gold remains in a clear short-term downtrend and today’s move lower has reinforced a bearish condition. Support at $1727.8, Aug 22 low has been breached to confirm a resumption of the bear cycle. This opens $1711.0, 76.4% retracement of the Jul 21 - Aug 10 upleg. In the Oil space, the WTI futures short-term outlook remains bullish. Futures have recently traded above the 50-day EMA and the break signals scope for a climb towards $99.75, the Jul 29 high. A break below $90.42, Aug 23 low is required to signal a top.
  • In the FI space, Bund futures have started the week on a softer note, gapping lower this morning. This reinforces current bearish conditions and attention turns to 146.50, the Jun 30 low. {GB} Gilts remain vulnerable and sights are set on the key support and bear trigger at 109.89, the Jun 16 low. Treasuries are softer too and have confirmed a resumption of the downtrend that started early August. Scope is seen for a move towards 116-02+, 76.4% of the Jun 14 - Aug 2 upleg.
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