Bearish Threat Remains Present

• RES 4: 116.87 High Jan 11, 2017
• RES 3: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
• RES 2: 115.52 High Nov 24 and the bull trigger
• RES 1: 114.12 20-day EMA
• PRICE: 113.23 @ 06:23 GMT Nov 30
• SUP 1: 112.73 Low Nov 9 and a reversal trigger
• SUP 2: 112.08 High Sep 30 and a recent breakout level
• SUP 3: 111.32 61.8% retracement of the Aug - Nov rally
• SUP 4: 110.82 Low Oct 4

USDJPY short-term bearish threat remains in place. Friday’s sell-off resulted in a break of support at 113.59, Nov 19 low. This highlights a stronger short-term bearish threat and the pair continues to challenge the 50-day EMA at 113.22. This average represents an area of trend support and a clear break would strengthen a bearish case and expose 112.73, Nov 9 low. Key resistance has been defined at 115.52, the Nov 24 high and is the bull trigger.