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Bearish Outlook

USDJPY TECHS
  • RES 4: 144.60 20-day EMA
  • RES 3: 144.14 50-day EMA
  • RES 2: 142.48 High Nov 11
  • RES 1: 140.80 High Nov 14
  • PRICE: 139.46 @ 15:37 GMT Nov 16
  • SUP 1: 137.68 Low Nov 15
  • SUP 2: 137.37 Low Aug 29
  • SUP 3: 135.82 Low Aug 23
  • SUP 4: 135.49 76.4% retracement of the Aug 2 - Oct 21 bull leg

Short-term trend conditions in USDJPY remain bearish and the pair is trading at its recent lows. A resumption of weakness would set the scene for a move towards 137.37, the Aug 29 low. The pair has pierced 138.64, 61.8% of the Aug 2 - Oct 21 bull leg. A clear break of this key Fibonacci retracement, would reinforce bearish conditions. The 50-day EMA at 114.14 remains a key short-term resistance.

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  • RES 4: 144.60 20-day EMA
  • RES 3: 144.14 50-day EMA
  • RES 2: 142.48 High Nov 11
  • RES 1: 140.80 High Nov 14
  • PRICE: 139.46 @ 15:37 GMT Nov 16
  • SUP 1: 137.68 Low Nov 15
  • SUP 2: 137.37 Low Aug 29
  • SUP 3: 135.82 Low Aug 23
  • SUP 4: 135.49 76.4% retracement of the Aug 2 - Oct 21 bull leg

Short-term trend conditions in USDJPY remain bearish and the pair is trading at its recent lows. A resumption of weakness would set the scene for a move towards 137.37, the Aug 29 low. The pair has pierced 138.64, 61.8% of the Aug 2 - Oct 21 bull leg. A clear break of this key Fibonacci retracement, would reinforce bearish conditions. The 50-day EMA at 114.14 remains a key short-term resistance.