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Bear Cycle Intact

USDJPY TECHS
  • RES 4: 147.32 High Dec 7
  • RES 3: 146.59 High Dec 11 and key short-term resistance
  • RES 2: 143.78 50.% retracement of the Dec 11 - 14 sell-off
  • RES 1: 142.90 High Dec 14
  • PRICE: 142.17 @ 06:51 GMT Dec 18
  • SUP 1: 140.71 76.4% of the Jul 14 - Nov 13 bull run
  • SUP 2: 140.23 2.00 proj of the Nov 13 - 21 - 22 price swing
  • SUP 3: 139.11 1.764 proj of the Nov 13 - 21 - 22 price swing
  • SUP 4: 138.07 Low Jul 28

A sharp sell-off in USDJPY last week reinforces current bearish conditions. The pair has cleared support at 141.71, the Dec 7 low, to confirm a resumption of the downtrend that started on Nov 13. Sights are on 140.71, a Fibonacci retracement point. Clearance of this level would further reinforce bearish conditions. On the upside, key short-term resistance has been defined at 146.59, the Dec 11 high.

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