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Corrective Bounce Extends

  • RES 4: 137.48 High Dec 20
  • RES 3: 136.38 76.4% retracement of the Dec 15 - 20 bear leg
  • RES 2: 135.50 20-day EMA
  • RES 1: 134.40 Intraday high
  • PRICE: 134.09 @ 05:54 GMT Dec 26
  • SUP 1: 132.32/130.58 Low Dec 26 / 20 and the bear trigger
  • SUP 2: 130.41 Low Aug 2 and a key support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.44 1.236 proj of the Oct 31 - Nov 15 - 21 price swing

USDJPY is firmer today as the pair extends the recovery from last week’s low of 130.58, on Dec 20. Current gains are considered corrective. The sharp sell-off on Dec 20 confirmed a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. The next resistance to watch is 135.50, the 20-day EMA. On the downside, the bear trigger is 130.58 where a break would resume the downtrend.

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