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USDJPY TECHS: Corrective Pullback

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 160.00 Round number resistance   
  • RES 3: 159.45 High Jul 12
  • RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing  
  • RES 1: 158.08 High Dec 26 
  • PRICE: 156.29 @ 06:47 GMT Dec 31
  • SUP 1: 155.89/155.19 High Nov 20 / 20-day EMA
  • SUP 2: 153.25/150.90 50-day EMA / Low Dec 10  
  • SUP 3: 149.37 Low Dec 06 
  • SUP 4: 148.65 Low Dec 03 and the bear trigger

USDJPY has pulled back from this week’s high, however, the move down appears corrective in light of an over-arching bullish condition. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 155.19, the 20-day EMA.

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  • RES 4: 160.00 Round number resistance   
  • RES 3: 159.45 High Jul 12
  • RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing  
  • RES 1: 158.08 High Dec 26 
  • PRICE: 156.29 @ 06:47 GMT Dec 31
  • SUP 1: 155.89/155.19 High Nov 20 / 20-day EMA
  • SUP 2: 153.25/150.90 50-day EMA / Low Dec 10  
  • SUP 3: 149.37 Low Dec 06 
  • SUP 4: 148.65 Low Dec 03 and the bear trigger

USDJPY has pulled back from this week’s high, however, the move down appears corrective in light of an over-arching bullish condition. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 155.19, the 20-day EMA.