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USDJPY TECHS: Bear Cycle Extends

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 158.87 High Jan 10 and the bull trigger 
  • RES 3: 158.08 High Jan 15 
  • RES 2: 156.75 High Jan 23 and a key resistance 
  • RES 1: 155.59 20-day EMA       
  • PRICE: 153.23 @ 06:56 GMT Feb 5
  • SUP 1: 153.10 Intraday low   
  • SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
  • SUP 3: 151.81 Low Dec 12   
  • SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

USDJPY is trading lower today and this has resulted in a break of short-term support at 1.5372, the Jan 27 low. The move marks an extension of the bear cycle that started Jan 10 and clears the way for a move towards 152.55 next, a Fibonacci retracement. On the upside, initial firm resistance is seen at 155.59, the 20-day EMA. Key short-term resistance has been defined at 156.75, the Jan 23 high, where a break would highlight a bullish reversal.

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  • RES 4: 158.87 High Jan 10 and the bull trigger 
  • RES 3: 158.08 High Jan 15 
  • RES 2: 156.75 High Jan 23 and a key resistance 
  • RES 1: 155.59 20-day EMA       
  • PRICE: 153.23 @ 06:56 GMT Feb 5
  • SUP 1: 153.10 Intraday low   
  • SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
  • SUP 3: 151.81 Low Dec 12   
  • SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

USDJPY is trading lower today and this has resulted in a break of short-term support at 1.5372, the Jan 27 low. The move marks an extension of the bear cycle that started Jan 10 and clears the way for a move towards 152.55 next, a Fibonacci retracement. On the upside, initial firm resistance is seen at 155.59, the 20-day EMA. Key short-term resistance has been defined at 156.75, the Jan 23 high, where a break would highlight a bullish reversal.