MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

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CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

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Corrective Pullback

USDJPY TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 152.43 0.764 proj of the Dec 28 - Jan 19 - Feb 1 price swing
  • RES 3: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 2: 151.43 High Nov 16
  • RES 1: 150.89 High Feb 13
  • PRICE: 149.74 @ 16:39 GMT Feb 29
  • SUP 1: 149.63/148.21 20- and 50-day EMA values
  • SUP 2: 147.63 Low Feb 7
  • SUP 3: 145.90 Low Feb 1 and key support
  • SUP 4: 145.59 Low Jan 16

The USDJPY trend outlook remains bullish and today’s sell-off - for now - appears to be a correction. Initial support lies at 149.63, the 20-day EMA - a level pierced, but not convincingly broken on Thursday. A clear break of the average is required to signal potential for a deeper retracement, towards the 50-day EMA, at 148.21. For bulls, the recent pause appears to be a bull flag formation. A resumption of the trend would open 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance.

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  • RES 4: 152.43 0.764 proj of the Dec 28 - Jan 19 - Feb 1 price swing
  • RES 3: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 2: 151.43 High Nov 16
  • RES 1: 150.89 High Feb 13
  • PRICE: 149.74 @ 16:39 GMT Feb 29
  • SUP 1: 149.63/148.21 20- and 50-day EMA values
  • SUP 2: 147.63 Low Feb 7
  • SUP 3: 145.90 Low Feb 1 and key support
  • SUP 4: 145.59 Low Jan 16

The USDJPY trend outlook remains bullish and today’s sell-off - for now - appears to be a correction. Initial support lies at 149.63, the 20-day EMA - a level pierced, but not convincingly broken on Thursday. A clear break of the average is required to signal potential for a deeper retracement, towards the 50-day EMA, at 148.21. For bulls, the recent pause appears to be a bull flag formation. A resumption of the trend would open 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance.