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Bear Cycle Still In Play

USDJPY TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 137.91 High Mar 8 and the bull trigger
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.11 High Mar 15
  • RES 1: 134.74 20-day EMA
  • PRICE: 132.89 @ 06:55 GMT Mar 16
  • SUP 1: 132.22 Low Mar 15
  • SUP 2: 131.31 61.8% retracement of the Jan 16 - Mar 8 rally
  • SUP 3: 129.81 Low Feb 10
  • SUP 4: 128.09 Low Feb 2

Recent weakness in USDJPY highlights potential for a deeper corrective pullback and the pair is trading at this week’s lows. 132.29, the Mar 13 low, represents an important short-term support. It was pierced yesterday, a clear break would resume the bear leg and open 131.31, a Fibonacci retracement point. For bulls, a resumption of strength would open the 136.00 handle and signal scope for a test of the bull trigger at 137.91, the Mar 8 high.

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  • RES 4: 137.91 High Mar 8 and the bull trigger
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.11 High Mar 15
  • RES 1: 134.74 20-day EMA
  • PRICE: 132.89 @ 06:55 GMT Mar 16
  • SUP 1: 132.22 Low Mar 15
  • SUP 2: 131.31 61.8% retracement of the Jan 16 - Mar 8 rally
  • SUP 3: 129.81 Low Feb 10
  • SUP 4: 128.09 Low Feb 2

Recent weakness in USDJPY highlights potential for a deeper corrective pullback and the pair is trading at this week’s lows. 132.29, the Mar 13 low, represents an important short-term support. It was pierced yesterday, a clear break would resume the bear leg and open 131.31, a Fibonacci retracement point. For bulls, a resumption of strength would open the 136.00 handle and signal scope for a test of the bull trigger at 137.91, the Mar 8 high.