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Corrective Cycle Still In Play

USDJPY TECHS
  • RES 4: 140.98 50-day EMA
  • RES 2: 140.00 Round number resistance
  • RES 3: 138.70 20-day EMA
  • RES 1: 137.86 High Dec 7
  • PRICE: 137.42 @ 16:21 GMT Dec 12
  • SUP 1: 135.61/133.63 Low Dec 9 / 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 remains just below last week’s high. The short-term outlook is bullish and a corrective cycle remains in play, following the recovery from 133.63, the Dec 2 low. This phase has allowed an oversold trend condition to unwind. An extension higher would open 138.70, the 20-day EMA. This average marks the first key short-term resistance. On the downside, the bear trigger is unchanged at 133.63. A break would resume the downtrend.

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

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