Free Trial

Bearish Threat

USDJPY TECHS
  • RES 4: 139.59 50.0% retracement of the Oct - Jan bear cycle
  • RES 3: 138.17 High Dec 15
  • RES 2: 136.63/137.91 High May 3 / High Mar 8 and key resistance
  • RES 1: 135.47/64 High May 10 / 50.0% of the May 2 - 4 bear leg
  • PRICE: 135.29 @ 15:50 BST May 12
  • SUP 1: 133.50 Low May 4
  • SUP 2: 133.02 Low Apr 26 and a key near-term support
  • SUP 3: 132.75 61.8% retracement of the Mar 24 - May 2 bull leg
  • SUP 4: 132.02 Low Apr 13

USDJPY short-term conditions remain bearish and Wednesday’s sell-off reinforces this theme. A continuation lower would open 133.50, the May 4 low. Clearance of this level would confirm a resumption of the bear cycle and open 133.02, the Apr 26 low. Note too that a break of 133.50 would confirm a breach of the 50-day EMA - a bearish development. Initial resistance is at 135.47, Wednesday’s high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.