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Eyeing Support At 114.16

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.34/35 High Feb 10 / High Jan 4 and the bull trigger
  • RES 1: 115.24/87 High Feb 22 / High Feb 15
  • PRICE: 114.47 @ 07:08 GMT Feb 24
  • SUP 1: 114.41 Intraday low
  • SUP 2: 114.16 Low Feb 02
  • SUP 3: 113.47 Low Jan 24 and key support
  • SUP 4: 113.14 Low Dec 17

USDJPY is lower again today and has traded to a fresh weekly low. The pair is also back below the 50-day EMA that intersects at 114.16. A clear break below of average would signal scope for a deeper pullback towards the next firm support at 114.16, Feb 2 low. Moving average studies still highlight a bullish theme and a resumption of strength would refocus attention on the 116.34/35 key resistance. For now, attention is on support.

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