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Corrective Cycle Still In Play

USDJPY TECHS
  • RES 4: 141.34 50-day EMA
  • RES 2: 140.00 Round number resistance
  • RES 3: 139.16 20-day EMA
  • RES 1: 138.12 High Dec 1
  • PRICE: 136.48 @ 15:57 GMT Dec 8
  • SUP 1: 135.97/133.63 Low Dec 6 / 2 and the bear trigger
  • SUP 2: 132.56 Low Aug 15
  • SUP 3: 131.08 1.00 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 4: 130.41 Low Aug 2

USDJPY traded just below the weekly highs into the Thursday close. The trend condition is bearish, however, the pair remains in a bullish corrective cycle following the recovery from last week’s low. This is allowing an oversold condition to unwind. An extension higher would open 139.16, the 20-day EMA. This average is seen as the first key short-term resistance. On the downside, the bear trigger is unchanged at 133.63, the Dec 2 low. A break would resume the downtrend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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