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Bear Threat Remains Present

USDJPY TECHS
  • RES 4: 139.59 50.0% retracement of the Oct - Jan bear cycle
  • RES 3: 138.17 High Dec 15
  • RES 2: 136.63/137.91 High May 3 / High Mar 8 and key resistance
  • RES 1: 135.47/64 High May 10 / 50.0% of the May 2 - 4 bear leg
  • PRICE: 134.37 @ 16:25 BST May 11
  • SUP 1: 133.50 Low May 4
  • SUP 2: 133.02 Low Apr 26 and a key near-term support
  • SUP 3: 132.75 61.8% retracement of the Mar 24 - May 2 bull leg
  • SUP 4: 132.02 Low Apr 13

USDJPY short-term conditions are bearish and weakness resumed Thursday. A continuation lower would open 133.50, the May 4 low. Clearance of this level would confirm a resumption of the current bear cycle and open 133.02, the Apr 26 low. Note too that a break of 133.50 would confirm a breach of the 50-day EMA - a bearish development. Initial resistance is at 135.47, Wednesday’s high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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