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Corrective Pullback Extends

USDJPY TECHS
  • RES 4: 118.66 High Dec 15, 2016
  • RES 3: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 116.35 High Jan 4 and the bull trigger
  • PRICE: 115.40 @ 16:48 GMT Jan 11
  • SUP 1: 114.92 20-day EMA
  • SUP 2: 114.16 50-day EMA
  • SUP 3: 113.56 Low Dec 21
  • SUP 4: 113.14 Low Dec 17

USDJPY is in a short-term corrective cycle and remains below last week’s high of 116.35. Trend conditions are unchanged and the outlook is bullish. This follows the recent break of 115.52, Nov 24 high, that confirmed a resumption of the trend and opens 117.08 next, a Fibonacci projection. Moving average conditions remain in a bull mode reinforcing the current positive sentiment. Initial firm support is seen at 114.92, the 20-day EMA.

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