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Bullish Engulfing Candle Still In Play

  • RES 4: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.52 High Nov 24 and the bull trigger
  • RES 2: 114.38 61.8% of the Nov 24 - 30 downleg
  • RES 1: 113.95/96 High Dec 8 / Nov 29
  • PRICE: 113.51 @ 06:18 GMT Dec 13
  • SUP 1: 112.53 Low Nov 30 and the bear trigger
  • 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

USDJPY is still consolidating. A recent reversal pattern - bullish engulfing candle - on Dec 6 continues to highlight a potential reversal from the recent low of 112.53 on Nov 30. The 20-day EMA as a resistance, at 113.66, is holding firm for now. A clear break would reinforce the candle pattern and open the November high of 115.52. Sub 112.53 levels would reinstate a bearish threat.

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