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Corrective Bounce Fades

  • RES 4: 145.11 Low Oct 27 and a recent breakout level
  • RES 3: 143.62 50-day EMA
  • RES 2: 142.48 High Nov 11
  • RES 1: 142.25 High Nov 21
  • PRICE: 141.33 @ 15:46 GMT Nov 22
  • SUP 1: 139.64/37.68 Low Nov 18 / 15 and a bear trigger
  • SUP 2: 137.37 Low Aug 29
  • SUP 3: 135.82 Low Aug 23
  • SUP 4: 135.49 76.4% retracement of the Aug 2 - Oct 21 bull leg

Short-term trend conditions in USDJPY remain bearish, with Monday’s corrective rally fading into the Tuesday close. The recent move higher is allowing a recent oversold trend condition to unwind. Resistance to watch is at 143.62, the 50-day EMA. A break of this EMA would signal scope for a stronger correction. On the downside, a break of 137.68, Nov 15 low, would resume the downtrend and open 137.37, the Aug 29 low.

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