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USDJPY TECHS: Clears Key Short-Term Support

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 159.45 High Jul 12  
  • RES 3: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
  • RES 2: 158.08/87 High Jan 15 / 10 and the bull trigger 
  • RES 1: 156.75 High Jan 23       
  • PRICE: 153.87 @ 11:20 GMT Jan 27
  • SUP 1: 153.34 Low Dec 18  
  • SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
  • SUP 3: 151.81 Low Dec 12   
  • SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

The primary trend condition in USDJPY remains bullish, however, today’s move down suggests scope for a stronger short-term bearish cycle. The pair has cleared two important support points; 155.15, the 50-day EMA (pierced), and 154.97, a trendline drawn from the Sep 16 ‘24 high. This paves the way for an extension towards 152.55, a Fibonacci retracement point. Initial firm resistance has been defined at 156.75, the Jan 23 high.

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  • RES 4: 159.45 High Jul 12  
  • RES 3: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
  • RES 2: 158.08/87 High Jan 15 / 10 and the bull trigger 
  • RES 1: 156.75 High Jan 23       
  • PRICE: 153.87 @ 11:20 GMT Jan 27
  • SUP 1: 153.34 Low Dec 18  
  • SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
  • SUP 3: 151.81 Low Dec 12   
  • SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

The primary trend condition in USDJPY remains bullish, however, today’s move down suggests scope for a stronger short-term bearish cycle. The pair has cleared two important support points; 155.15, the 50-day EMA (pierced), and 154.97, a trendline drawn from the Sep 16 ‘24 high. This paves the way for an extension towards 152.55, a Fibonacci retracement point. Initial firm resistance has been defined at 156.75, the Jan 23 high.