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Bears Remain In The Driver's Seat

USDJPY TECHS
  • RES 4: 139.17 50-day EMA
  • RES 3: 138.17 High Dec 15
  • RES 2: 136.34 20-day EMA
  • RES 1: 134.54 Low Dec 14
  • PRICE: 132.69 @ 06:36 GMT Dec 23
  • SUP 1: 130.58 Low Dec 20
  • SUP 2: 130.41 Low Aug 2 and a key support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.44 1.236 proj of the Oct 31 - Nov 15 - 21 price swing

USDJPY is consolidating. The trend outlook is bearish following Tuesday's sell-off. Key support at 131.74 was cleared, opening losses toward early August lows of 130.41. Moving average studies are in a bear-mode position and price remains well below the 20-day EMA, at 136.34. The daily RSI is nearing oversold territory, which suggests progress near-term, could slow down. The overarching theme remains negative for now.

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