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Bullish Doji Candle

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 115.68/116.35 High Jan 11 / High Jan 4 and the bull trigger
  • RES 1: 114.79 20-day EMA
  • PRICE: 114.49 @ 06:28 GMT Jan 17
  • SUP 1: 113.49/43 Low Jan 14 / 76.4% of the Nov 30 - Jan 4 rally
  • SUP 3: 113.14 Low Dec 17
  • SUP 4: 112.95 2.0% 10-dma envelope
  • SUP 4: 112.53 Low Nov 30 and a key support

USDJPY traded lower last week and breached the 50-day EMA. The break is a bearish development however more importantly is the fact that strong support appears to have surfaced below the EMA. The broader trend condition remains bullish and the recent sell-off is likely a correction. Friday’s low of 113.49 marks a key short term support and note that Friday’s price pattern is a doji - a bullish reversal signal. Attention is on 114.79.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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