• In FX, a strong recovery in EURUSD appears - for now - to be corrective. The trend condition is bearish following recent weakness and moving average studies are in a bear-mode position, highlighting a dominant downtrend. Resistance to watch is 1.0885, the 20-day EMA - a level pierced on Thursday. A clear break of this average would signal scope for a stronger recovery, towards the 50-day EMA at 1.0945. The bear trigger is at 1.0761, the Oct 23 low.
  • The trend theme in GBPUSD remains bearish and Thursday’s sell-off reinforces current conditions. The breach of 1.2908, the Oct 23 low, confirms a resumption of the bear leg and sights are on 1.2846, the 76.4% retracement of the Aug 8 - Sep 25 bull leg - a level pierced on Thursday. A clear break of this price point would strengthen a bearish theme and open 1.2799, the Aug 15 low. Initial firm resistance is 1.3054, the 50-day EMA.
  • The trend condition in USDJPY remains bullish and despite Thursday’s pullback, the pair continues to trade closer to its recent highs. Recent gains have confirmed a resumption of the current uptrend. Price has traded through 153.40, 61.8% of the downleg posted off the July 3rd high. The move higher sets the scene for an extension towards 155.27, the 2.00 projection of the Sep 16 - 27 - 30 price swing. Initial firm support is 148.83, the 50-day EMA. The 20-day EMA is at 150.49.

OUTLOOK: Price Signal Summary - USDJPY Trend Outlook Remains Bullish

Last updated at:Nov-01 11:09By: Taso Anastasiou
  • In FX, a strong recovery in EURUSD appears - for now - to be corrective. The trend condition is bearish following recent weakness and moving average studies are in a bear-mode position, highlighting a dominant downtrend. Resistance to watch is 1.0885, the 20-day EMA - a level pierced on Thursday. A clear break of this average would signal scope for a stronger recovery, towards the 50-day EMA at 1.0945. The bear trigger is at 1.0761, the Oct 23 low.
  • The trend theme in GBPUSD remains bearish and Thursday’s sell-off reinforces current conditions. The breach of 1.2908, the Oct 23 low, confirms a resumption of the bear leg and sights are on 1.2846, the 76.4% retracement of the Aug 8 - Sep 25 bull leg - a level pierced on Thursday. A clear break of this price point would strengthen a bearish theme and open 1.2799, the Aug 15 low. Initial firm resistance is 1.3054, the 50-day EMA.
  • The trend condition in USDJPY remains bullish and despite Thursday’s pullback, the pair continues to trade closer to its recent highs. Recent gains have confirmed a resumption of the current uptrend. Price has traded through 153.40, 61.8% of the downleg posted off the July 3rd high. The move higher sets the scene for an extension towards 155.27, the 2.00 projection of the Sep 16 - 27 - 30 price swing. Initial firm support is 148.83, the 50-day EMA. The 20-day EMA is at 150.49.

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