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Bearish Outlook

USDJPY TECHS
  • RES 4: 153.39 3.764 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 152.30 High Jul 1990
  • RES 2: 151.95 High Oct 21
  • RES 1: 149.71 High Oct 24
  • PRICE: 147.89 @ 06:43 GMT Nov 4
  • SUP 1: 145.68/145.11 Low Nov 2 / Low Oct 27
  • SUP 2: 144.66 50-day EMA
  • SUP 3: 143.53 Low Oct 5
  • SUP 4: 141.77 Low Sep 23

USDJPY is consolidating. The pair still appears vulnerable and continues to trade below resistance at 149.71. A resumption of weakness would refocus attention on the 50-day EMA at 144.66 - a key support. Clearance of the average would signal scope for a deeper pullback. Momentum studies continue to trend down. For bulls, a break of 149.71 would be a positive development and this would expose the bull trigger at 151.95, Oct 21 high.

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