Finds Resistance

• RES 4: 106.55 High Sep 3
• RES 3: 106.38 High Sep 8
• RES 2: 105.95 50-day EMA
• RES 1: 105.70 High Sep 25 and key near-term resistance
• PRICE: 105.57 @ 17:18 BST Sep 28
• SUP 1: 104.88 Low Sep 23
• SUP 2: 104.41 Low Sep 22
• SUP 3: 104.00 Low Sep 21 and the bear trigger
• SUP 4: 103.80 1.618 proj of the Aug 13 - 19 rally from Aug 28 high

Although trading near the top of its recent range, USDJPY appears to have found resistance at 105.70. A broader bearish outlook remains in place. The pair has defined a firm support at 104.00, Sep 21 low, and this level also represents a near-term bear trigger. A resumption of weakness and clearance of 104.00 would open 103.80 and 103.51, both Fibonacci projections. On the upside, gains above 105.70 would instead expose 105.95, the 50-day EMA.