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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: 152.17 @ 16:06 GMT Feb 5
  • SUP 1: 152.12 Low Feb 5
  • SUP 2: 151.81 Low Dec 12 
  • SUP 3: 151.72 2.0% 10-dma envelope  
  • SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

USDJPY traded lower again Wednesday, resulting in a break of key short-term support at both 153.72, the Jan 27 low, as well as 152.55, a Fibonacci retracement. This expands the downside range, with the pair narrowing the proximity with the December low. 151.06 marks the next key level. 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: 152.17 @ 16:06 GMT Feb 5
  • SUP 1: 152.12 Low Feb 5
  • SUP 2: 151.81 Low Dec 12 
  • SUP 3: 151.72 2.0% 10-dma envelope  
  • SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

USDJPY traded lower again Wednesday, resulting in a break of key short-term support at both 153.72, the Jan 27 low, as well as 152.55, a Fibonacci retracement. This expands the downside range, with the pair narrowing the proximity with the December low. 151.06 marks the next key level. 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.