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Current Bear Cycle Remains Intact

USDJPY TECHS
  • RES 4: 137.91 High Mar 8 and the bull trigger
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.11 High Mar 15
  • RES 1: 132.78/133.94 Intraday high / 20-day EMA
  • PRICE: 132.64 @ 16:18 GMT Mar 22
  • SUP 1: 130.54 Low Mar 20
  • SUP 2: 129.75 76.4% retracement of the Jan 16 - Mar 8 rally
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The current downtrend in USDJPY remains intact. Price traded lower Monday, reinforcing current conditions. 131.31, 61.8% retracement of the Jan 16 - Mar 8 rally, has been cleared. The breach strengthens bearish conditions and sets the scene for a move towards 129.75, the 76.4% retracement. Firm resistance is seen at the 20-day EMA. The average intersects at 133.94 where a break is required to ease bearish pressure.

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