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Approaching The Key Bear Channel Top

USDJPY TECHS
  • RES 4: 104.95 76.4% retracement of the Nov 11 - Jan 6 downleg
  • RES 3: 104.76 High Nov 24
  • RES 2: 104.38 Bear channel top drawn off the Mar 24 high
  • RES 1: 104.22 Intraday high
  • PRICE: 104.16 @ 07:15 GMT Jan 11
  • SUP 1: 103.53 Low 20-day EMA
  • SUP 2: 102.95 Low Jan 7
  • SUP 3: 102.59 Low Jan 6 and the bear trigger
  • SUP 4: 102.02 Low Mar 10

USDJPY maintains a firmer tone and has extended the recent climb off 102.59, Jan 6 low. The pair has cleared the 50-day EMA, strengthening current short-term bullish conditions. This has opened a key resistance at 104.38, the top of a bear channel drawn off the Mar 24 high. A channel break, if seen, would signal a stronger trend reversal. On the downside, 102.59 is the bear trigger. Initial support is at 103.53, the 20-day EMA.

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