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Bullish Engulfing Reversal?

USDJPY TECHS
  • 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: 113.96 High Nov 29
  • PRICE: 113.61 @ 16:57 GMT Dec 7
  • SUP 1: 112.53 Low Nov 30
  • 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 started the week on a firmer note and traded higher Tuesday. Monday’s price action appears to be a bullish engulfing reversal. If correct, it suggests the pair has found a base at the recent low of 112.53 on Nov 30. The 20-day EMA at 113.71 is being tested. A clear break would reinforce the reversal pattern and suggest scope for a climb towards the November high of 115.52. Sub 112.53 levels would instead reinstate a bearish threat.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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