• In FX, last week’s move lower in EURUSD appears corrective and a primary bullish theme remains intact. Moving average studies are in a bull-mode position too, highlighting a rising trend. A resumption of gains would open 1.1234 next, a 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing. The trend is overbought, a deeper pullback would allow this condition to unwind. The 20-day EMA, at 1.1047, has been pierced. A clear break would expose the 50-day EMA, at 1.0952.
  • Bullish conditions in GBPUSD remain intact and the latest pullback appears to be a correction. Recent gains reinforce a bullish theme and have maintained the positive price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, highlighting a rising trend condition. Sights are on 1.3328, the 76.4% retracement of the Jun 2021 - Sep 2022 bear leg. Firm support is at 1.3030, the 20-day EMA.
  • USDJPY is trading higher today. Price - for now - remains below the 20-day EMA, at 146.84. The trend structure is bearish and MA studies are in a bear-mode set-up. A resumption of weakness would open key support at 141.70, the Aug 5 low. Clearance of this level would confirm a continuation of the downtrend. On the upside, clearance of the 20-day EMA would signal scope for a stronger correction, towards 149.39, the Aug 15 high.

OUTLOOK: Price Signal Summary - USDJPY Resistance Remains Intact For Now

Last updated at:Sep-02 10:24By: Taso Anastasiou
  • In FX, last week’s move lower in EURUSD appears corrective and a primary bullish theme remains intact. Moving average studies are in a bull-mode position too, highlighting a rising trend. A resumption of gains would open 1.1234 next, a 1.618 projection of the Jun 26 - Jul 17 - Aug 1 price swing. The trend is overbought, a deeper pullback would allow this condition to unwind. The 20-day EMA, at 1.1047, has been pierced. A clear break would expose the 50-day EMA, at 1.0952.
  • Bullish conditions in GBPUSD remain intact and the latest pullback appears to be a correction. Recent gains reinforce a bullish theme and have maintained the positive price sequence of higher highs and higher lows. Moving average studies are in a bull-mode position too, highlighting a rising trend condition. Sights are on 1.3328, the 76.4% retracement of the Jun 2021 - Sep 2022 bear leg. Firm support is at 1.3030, the 20-day EMA.
  • USDJPY is trading higher today. Price - for now - remains below the 20-day EMA, at 146.84. The trend structure is bearish and MA studies are in a bear-mode set-up. A resumption of weakness would open key support at 141.70, the Aug 5 low. Clearance of this level would confirm a continuation of the downtrend. On the upside, clearance of the 20-day EMA would signal scope for a stronger correction, towards 149.39, the Aug 15 high.

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