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Bearish Outlook

USDJPY TECHS
  • RES 4: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 3: 135.11 High Mar 15
  • RES 2: 134.75 61.8% retracement of the Mar 8 - 24 bear leg
  • RES 1: 134.05 High Apr 12
  • PRICE: 133.46 @ 16:00 BST Apr 14
  • SUP 1: 131.83/130.64 Low Apr 10 / 5 and a key support
  • SUP 2: 129.64 Low Mar 24 and the bear trigger
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

USDJPY remains below Wednesday's high of 134.05. The latest pullback adds to evidence that the latest recovery appeared corrective in nature and that the trend direction remains down. Moving average studies are in a bear-mode position, highlighting a downtrend. A continuation lower would open 130.64, the Apr 5 low. On the upside, clearance of 134.05 would be seen as a bullish development and expose 134.75, a Fibonacci retracement.

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