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Consolidating Near Recent Highs

  • 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: 113.50 @ 06:14 GMT Dec 10
  • 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 consolidating near recent highs. Attention remains on Monday’s price action that in pattern terms is a bullish engulfing reversal. It suggests the pair has found a base at the recent Nov 30 low of 112.53. The 20-day EMA as a resistance - at 113.68 - is holding 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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