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Bearish Price Sequence Extends

  • RES 4: 136.64 200-dma
  • RES 3: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
  • RES 2: 131.31/132.46 Low Jan 9 / 20-day EMA
  • RES 1: 129.52 Low Jan 3 and a recent breakout point
  • PRICE: 127.87 @ 06:30 GMT Jan 16
  • SUP 1: 127.23 Intraday low
  • SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 126.36 Low May 24 and a key support
  • SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing

The downtrend in USDJPY remains intact and last week’s move lower confirmed a resumption of the trend - support at 129.52, Jan 3 low, has been breached. MA studies remain in a bear mode condition and a bearish price sequence highlights a clear downtrend. Furthermore, the 50- and 200-dmas have crossed, highlighting a potential bearish death cross. The focus is on 126.81, a Fibonacci projection. Key resistance is at 134.77, the Jan 6 high.

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