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Finds Resistance At The 50-Day EMA

USDJPY TECHS
  • RES 4: 136.67 38.2% retracement of the Oct 21 - Jan 16 bear leg
  • RES 3: 134.77 High Jan 6 and a key resistance
  • RES 2: 134.54 Low Dec 14
  • RES 1: 132.87/90 50-day EMA / High Feb 6
  • PRICE: 131.18 @ 06:56 GMT Feb 8
  • SUP 1: 130.48 Low Feb 7
  • SUP 2: 128.09/127.23 Low Feb 2 / Low Jan 16 and the bear trigger
  • SUP 3: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 4: 126.36 Low May 24 and a key support

USDJPY faded through the latter half of the Tuesday session, putting prices well off resistance at the 50-day EMA of 132.87. This average represents a key short-term level and a clear break is required to suggest scope for an extension higher and would expose 134.77, the Jan 6 high The broader trend direction remains down. Firm support to watch lies at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low.

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