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Bearish Threat Remains Present

USDJPY TECHS
  • 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: 113.84 20-day EMA
  • PRICE: 113.22 @ 06:27 GMT Dec 3
  • SUP 1: 112.53 Low Nov 30
  • 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

A bearish threat in USDJPY remains present. Tuesday's weakness resulted in a print below key short-term support at 112.73, Nov 9 low. A clear break of this level would resume the current bear cycle and open 112.08 next, the Sep 30 high. On the upside, initial resistance is seen at 113.84, the 20-day EMA. A breach would ease bearish concerns and signal a short-term base. Key resistance though is unchanged at 115.52, the Nov 24 high.

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