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Approaching The 50-Day EMA

  • RES 4: 153.39 3.764 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 152.30 High Jul 1990
  • RES 2: 151.95 High Oct 21 and the bull trigger
  • RES 1: 147.08/149.71 20-day EMA / High Oct 24
  • PRICE: 145.78 @ 06:25 GMT Nov 9
  • SUP 1: 145.11 Low Oct 27
  • SUP 2: 144.84 50-day EMA
  • SUP 3: 143.53 Low Oct 5
  • SUP 4: 141.77 Low Sep 23

USDJPY traded lower Tuesday. Price remains inside its recent range, however, a bearish threat is still present and resistance is at 149.71, the Oct 24 high. Attention is on the 50-day EMA at 144.84. This average is a key support and clearance of it would signal scope for a deeper retracement. Note that momentum studies are still pointing down. For bulls, a break of 149.71 would be a positive development.

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