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Bears Still In The Driver’s Seat

  • RES 4: 145.11 Low Oct 27 and a recent breakout level
  • RES 3: 142.86 50-day EMA
  • RES 2: 142.48 High Nov 11
  • RES 1: 139.64/142.25 High Nov 24 / High Nov 21 and key resistance
  • PRICE: 138.73 @ 20:15 GMT Nov 29
  • SUP 1: 137.50 Low Nov 28
  • SUP 2: 137.37 Low Aug 29
  • SUP 3: 135.82 Low Aug 23
  • SUP 4: 135.49 76.4% retracement of the Aug 2 - Oct 21 bull leg

Short-term trend conditions in USDJPY are unchanged and remain bearish following last week’s move lower. Monday’s extension resulted in a print below support at 137.68, the Nov 15 low. A clear break of this level would confirm a resumption of the downtrend and open 137.37, the Aug 29 low. Key short-term resistance is seen at 142.25, last week’s high on Nov 21. A break of this level would alter the picture.

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