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Bear Cycle Still In Play

USDJPY TECHS
  • RES 4: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
  • RES 3: 134.28 50-day EMA
  • RES 2: 132.87 High Jan 11
  • RES 1: 130.98/58 20-day EMA / High Jan 18
  • PRICE: 130.11 @ 06:47 GMT Jan 24
  • SUP 1: 127.23 Low Jan 16 and the bear trigger
  • SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 126.36 Low May 24 and a key support
  • SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing

USDJPY trend conditions remain bearish. The pair is trading below last week’s high of 131.58 and the 20-day EMA, at 130.98. Recent activity appears to be a bear flag formation, reinforcing the downtrend. A break lower would open 126.81, a Fibonacci projection - the bear trigger is 127.23, the Jan 16 low. On the upside, clearance of 131.58, the Jan 18 high, would be a bullish development and signal scope for a stronger correction.

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