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USDJPY TECHS: Cleanly Through Bear Trigger

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 158.87 High Jan 10 and a bull trigger   
  • RES 3: 156.75 High Jan 23 
  • RES 2: 155.89 High Feb 3 
  • RES 1: 154.05/80 50-day EMA and a pivot resistance / High Feb 12       
  • PRICE: 149.59 @ 15:46 GMT Feb 21
  • SUP 1: 149.29 Tokyo Low Feb 21
  • SUP 2: 148.88 2.0% 10-dma envelope
  • SUP 3: 148.65 Low Dec 3 ‘24 and a key support 
  • SUP 4: 148.01 Low Oct 9 ‘24

USDJPY reversed further and harder Thursday, taking out both the bear trigger at the Feb 07 low of 150.93 as well as the 1.0% 10-dma envelope. Clearance of these levels and a close below resumes the bear cycle that started on Jan 10th, opening 148.65 as the next downside mark and key support. Recent weakness off highs highlights the importance and effectiveness of the 50-day EMA as resistance - today at 153.88. A clear break of the EMA is required to confirm a stronger bullish reversal. This would open 155.89, the Feb 3 high. 

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  • RES 4: 158.87 High Jan 10 and a bull trigger   
  • RES 3: 156.75 High Jan 23 
  • RES 2: 155.89 High Feb 3 
  • RES 1: 154.05/80 50-day EMA and a pivot resistance / High Feb 12       
  • PRICE: 149.59 @ 15:46 GMT Feb 21
  • SUP 1: 149.29 Tokyo Low Feb 21
  • SUP 2: 148.88 2.0% 10-dma envelope
  • SUP 3: 148.65 Low Dec 3 ‘24 and a key support 
  • SUP 4: 148.01 Low Oct 9 ‘24

USDJPY reversed further and harder Thursday, taking out both the bear trigger at the Feb 07 low of 150.93 as well as the 1.0% 10-dma envelope. Clearance of these levels and a close below resumes the bear cycle that started on Jan 10th, opening 148.65 as the next downside mark and key support. Recent weakness off highs highlights the importance and effectiveness of the 50-day EMA as resistance - today at 153.88. A clear break of the EMA is required to confirm a stronger bullish reversal. This would open 155.89, the Feb 3 high.