USDJPY is trading sharply lower this morning as it extends the short-term reversal from 150.89, the Feb 13 high. The pair has breached the 20-day EMA and is testing support at the 50-day EMA - at 148.54. A clear break of this average would strengthen the current bearish corrective cycle and open 147.63, the Feb 7 low. On the upside, initial resistance to watch is at 149.77, the 20-day EMA.
Find more articles and bullets on these widgets:
BTP futures remain below last week’s high of 119.27 on Jan 30. The contract has recently traded above the 20-day EMA and pierced the Jan 12 high of 119.23. A clear break above 119.23 would highlight a base and a potential resumption of the primary uptrend. For now, attention is on key support at 116.98, the Jan 25 low. Clearance of this level would confirm a resumption of the recent bearish cycle and open 115.70, the Dec 8 low.
The USDJPY trend outlook is bullish and Friday’s strong rally reinforces this condition. Key resistance at 148.80, the Jan 19 high, has been pierced. A clear break of this hurdle would confirm a resumption of the uptrend that started late December and open 149.16, a Fibonacci retracement point. The break higher would also signal scope for gains towards 149.75, the Nov 22 high. Key short-term support lies at 145.90, the Feb 1 low.
Date | UK | Period | Event |
06-Feb | 0930 | Jan | S&P Global/CIPS Construction PMI |
06-Feb | 1200 | Asset Purchase Facility Quarterly Report | |
07-Feb | 0840 | BoE's Breeden Speaks At Women In Economics Event | |
07-Feb | 1215 | BOE's Woods et al:Treasury Select Committee | |
08-Feb | 1500 | BoE's Mann Speaks At OMFIF | |
12-Feb | 1800 | BOE's Bailey lecture at Loughborough University | |
13-Feb | 0700 | Jan/Dec | Labour Market Survey |
14-Feb | 0700 | Jan | Consumer inflation report/ Producer Prices |
15-Feb | 0700 | Dec | GDP/ Trade/ GDP First Estimate/Services/Production |
15-Feb | 0700 | Dec | Output in the Construction Industry |
15-Feb | 1300 | BOE's Greene fireside chat with Fitch Ratings | |
15-Feb | 1350 | BOE's Mann panellist at 40th NABE Conference | |
16-Feb | 0700 | Jan | Retail Sales |
16-Feb | 1940 | BOE's Pill panellist at 40th NABE Conference | |
21-Feb | 0001 | Jan | XpertHR pay deals for whole economy |
21-Feb | 0700 | Jan | Public Sector Finances |
21-Feb | 1100 | Feb | CBI Industrial Trends |