The uptrend in USDJPY remains intact and today’s resumption of gains reinforces bullish conditions. The pair is approaching 147.49, a Fibonacci projection and the next objective. A break would open 148.40, the Nov 4 2022 high. Note that moving average studies remain in a bull mode condition, reflecting current positive market sentiment. Support to watch lies at 144.77, the 20-day EMA.
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USDCAD remains in consolidation mode and is trading above key support at 1.3093, the Jul 14 low. Moving average studies continue to highlight a dominant downtrend. A break of 1.3093 would confirm a resumption of the medium-term bear cycle. This would open 1.3084 and 1.3032, Fibonacci projection points. On the upside, clearance of the 50-day EMA, at 1.3288, is required to highlight a possible short-term reversal.
AUDUSD traded sharply lower Friday, extending the reversal from Thursday’s 0.6821 high. The move down reinforces a bearish theme and note that the pair is trading below both the 20- and 50-day EMAs. This signals scope for weakness towards the next key support at 0.6596, the Jun 29 low. On the upside, key short-term resistance has been defined at 0.6821, where a break is required to reinstate a bullish theme.