Finding Support At The Day Low - For Now

• RES 4: 146.52 1.236 proj of the May 24 - Jul 14 - Aug 2 price swing
• RES 3: 146.03 2.764 proj of the Aug 2 - 8 - 11 price swing
• RES 2: 145.90 Intraday high
• RES 1: 143.30 50.0% retracement of today’s range
• PRICE: 141.88 @ 15:40 BST Sep 22
• SUP 1: 141.68 20-day EMA
• SUP 2: 140.37 Low
• SUP 3: 139.87 Low Sep 2
• SUP 4: 138.72 50-day EMA

USDJPY has staged a sharp reversal following Thursday’s BOJ intervention. The pullback has resulted in a print below 141.68, the 20-day EMA. The trend structure remains bullish and it is too early to tell whether today’s price action is the start of a more meaningful reversal. A daily close below the 20-day EMA and below 140.00 would strengthen a bearish threat. A resumption of gains however, would refocus attention on the 145.00 handle and beyond.