USDJPY TECHS: Bull Flag Formation
- RES 4: 152.43 0.764 proj of the Dec 28 - Jan 19 - Feb 1 price swing
- RES 3: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
- RES 2: 151.43 High Nov 16
- RES 1: 150.89 High Feb 13 and bull trigger
- PRICE: 149.39 @ 16:24 GMT Mar 6
- SUP 1: 149.21/148.51 Low Feb 29 / 50-day EMA
- SUP 2: 147.63 Low Feb 7
- SUP 3: 145.90 Low Feb 1 and key support
- SUP 4: 145.59 Low Jan 16
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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USDJPY TECHS: Bullish Trend Condition
- RES 4: 150.78 High Nov 17
- RES 3: 149.75 High Nov 22
- RES 2: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
- RES 1: 148.89 High Feb 05
- PRICE: 148.80 @ 17:00 GMT Feb 5
- SUP 1: 146.81/145.90 20-day EMA / Low Feb 1
- SUP 2: 145.59 Low Jan 16
- SUP 3: 144.36 Low Jan 12 and key S/T support
- SUP 4: 143.42 Low Jan 9
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.
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EURGBP TECHS: Trend Needle Points South
- RES 4: 0.8768 High Nov 20
- RES 3: 0.8715 High Dec 28 and the bull trigger
- RES 2: 0.8676 High Jan 3
- RES 1: 0.8565/8601 20-and 50-day EMA values
- PRICE: 0.8568 @ 16:58 GMT Feb 5
- SUP 1: 0.8513 Low Jan 29
- SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
- SUP 3: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 4: 0.8388 Low Aug 17 2023
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.
