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Bullish Dragonfly Doji Candle Pattern

USDJPY TECHS
  • RES 4: 153.52 2.236 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 3: 152.20 3.00 proj of the Jul 14 - 21 - 28 price swing
  • RES 2: 150.78/51.95 High Nov 17 / High Oct 21 ‘22 - major resistance
  • RES 1: 149.13 50-day EMA
  • PRICE: 148.98 @ 06:56 GMT Nov 22
  • SUP 1: 147.15 Low Nov 21
  • SUP 2: 146.10 Trendline support drawn from the Mar 24 low
  • SUP 3: 144.45 Low Sep 1
  • SUP 4: 142.85 61.8% of the Jul 14 - Nov 13 bull run

The latest pullback in USDJPY is likely part of a correction. The move lower has resulted in a break of both the 20- and 50-day EMAs, exposing trendline support at 146.10 - the trendline is drawn from the Mar 24 low. It is however possible that the correction is over. Yesterday’s price pattern is a dragonfly doji candle, a reversal signal. If correct, it signals scope for a stronger rally that would expose key resistance at 151.95, the Oct 21 2022 high.

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