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Bearish Theme Despite Yesterday's Rebound

USDJPY TECHS
  • RES 4: 104.58 High Dec 10
  • RES 3: 103.98 50-day EMA
  • RES 2: 103.90 High Dec 28 and key near-term resistance
  • RES 1: 103.45 20-day EMA
  • PRICE: 103.21 @ 06:25 GMT Jan 7
  • SUP 1: 102.59 Low Jan 6
  • SUP 2: 102.02 Low Mar 10
  • SUP 3: 101.63 1.382 proj of Oct 7 - Nov 6 downleg from Nov 11 high
  • SUP 4: 101.29 1.500 proj of Oct 7 - Nov 6 downleg from Nov 11 high

USDJPY traded to a fresh trend low earlier yesterday before rebounding off the day low. Despite the bounce, a bearish focus prevails following this week's breach of 102.88, Dec 17 low. The move lower confirmed a resumption of the downtrend that started late March last year. The next objective is at 102.02, Mar 10, 2020 low. On the upside, 103.50, the 20-day EMA marks initial resistance.

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