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Bearish Break Confirms as BoJ, CPI Weigh

USDJPY TECHS
  • RES 4: 137.48 High Dec 20
  • RES 3: 136.60 200-dma
  • RES 2: 134.77/81 High Jan 6 / 23.6% Oct - Jan Downleg
  • RES 1: 133.33 20-day EMA
  • PRICE: 129.63 @ 17:13 GMT Jan 12
  • SUP 1: 129.50 Low Jan 12
  • SUP 2: 129.09 2.0% 10-dma envelope
  • SUP 3: 128.44 1.236 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 4: 127.53 Low May 31

USDJPY confirmed the resumption of the bearish break Thursday, with hawkish BoJ speculation compounded by the US CPI report. Prices have traded through the bear trigger at 129.52 on an intraday basis and markets will be watching for a close below to confirm a possible head and shoulders pattern drawn from early June 2022. Additionally, moving average patterns could add further weight, with the 50- and 200-dmas on the cusp of forming a bearish death cross. Support seen scant until 128.44, the 1.236 proj of the Oct 31 - Nov 15 - 21 price swing.

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

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