The USDJPY trend condition remains bullish and the recent pause appears to be a bull flag formation - a continuation pattern. This reinforces bullish conditions and sights are on 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. The bull trigger is 150.89, Feb 13 high. Initial support lies at 149.21, the Feb 29 low, ahead of the 50-day EMA, at 148.51. A clear of the average is required to signal a top.
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The USDJPY trend outlook remains bullish - Friday’s strong rally reinforces this condition and Monday's high has resulted in a print above key resistance at 148.80, the Jan 19 high. A clear break of 148.80 would confirm a resumption of the uptrend that started late December and open 149.16, a Fibonacci retracement point. Scope would also be seen for a climb towards 149.75, the Nov 22 high. Key short-term support lies at 145.90, the Feb 1 low.
EURGBP bears remain in the driver’s seat despite a modest recovery Monday. The break in January of support at 0.8549, the Dec 11 low, strengthened the current bearish condition. Furthermore, recent consolidation appears to be a bear flag - a bearish continuation signal. Sights are on 0.8493, Aug 23 ‘23 low and a key support. The 50-day EMA - at 0.8601 - is the firm resistance to watch. First resistance is at 0.8565, the 20-day EMA.