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Clears Pivot Support

USDJPY TECHS
  • RES 4: 132.39 High Apr 15 2002
  • RES 3: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 129.78/131.35 High May 17 / High May 9 and the bull trigger
  • RES 1: 128.48 20-day EMA
  • PRICE: 126.57 @ 17:31 BST May 24
  • SUP 1: 126.36 Low May 23
  • SUP 2: 125.86 50-day EMA
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

The USDJPY corrective pullback resumed Tuesday. The pair has traded through support at 126.95, Apr 27 low. This level represents an important short-term pivot level and the breach suggests scope for a continuation lower. Current weakness is still considered corrective and is allowing a recent overbought trend reading to unwind. Attention is on the 50-day EMA, at 125.86. Initial firm resistance has been defined at 129.78, May 17 high.

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