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Corrective Cycle Extends

USDJPY TECHS
  • RES 4: 154.00 3.382 proj of the Jul 14 - 21 - 28 price swing
  • RES 3: 153.52 2.236 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 152.20 3.00 proj of the Jul 14 - 21 - 28 price swing
  • RES 1: 150.78/51.95 High Nov 17 / High Oct 21 ‘22 - major resistance
  • PRICE: 148.36 @ 16:48 GMT Nov 20
  • SUP 1: 148.10 Low Nov 20
  • SUP 2: 147.43 Low Oct 3 and key support
  • SUP 3: 145.91 Trendline support drawn from the Mar 24 low
  • SUP 4: 144.45 Low Sep 1

USDJPY traded sharply lower Monday as the pair extended the pullback from 151.91, the Nov 13 high. Support at the 50-day EMA, at 149.19, has been cleared. The clear break of this EMA strengthens a short-term bearish theme and signals scope for a deeper correction, towards 147.43, the Oct 3 low. The primary trend direction remains up. A resumption of gains would refocus attention on 151.95, the Oct 21 2022 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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