April 29, 2024 18:45 GMT
Enters A Retracement Mode
USDJPY TECHS
- RES 4: 160.17/20 Intraday high / High Apr 1990
- RES 3: 159.55 2.618 proj of the Feb 1 - 13 - Mar 8 price swing
- RES 2: 158.97 2.50 proj of the Feb 1 - 13 - Mar 8 price swing
- RES 1: 158.44 HIgh Apr 26
- PRICE: 156.05 @ 19:44 BST Apr 29
- SUP 1: 154.54 Low Apr 29
- SUP 2: 154.01/151.91 20- and 50-day EMA values
- SUP 3: 150.81 Low Apr 5
- SUP 4: 150.27 Low Mar 21
The USDJPY trend condition remains bullish, however, Monday’s session was volatile. An early rally stopped short of resistance at 160.20, the Apr 1990 high, before reversing lower. Note that the trend condition is overbought. A deeper retracement would allow the overbought set-up to unwind. Initial key support to watch lies at 154.01, the 20-day EMA. The 50-day EMA lies at 151.91.
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