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Firm Resistance Is Seen At The 50-Day EMA

USDJPY TECHS
  • RES 4: 135.11 High Mar 15
  • RES 3: 133.77 50.0% retracement of the Mar 8 - 24 bear leg
  • RES 2: 133.38 50-day EMA
  • RES 1: 132.97 High Mar 30
  • PRICE: 132.60 @ 16:13 BST Mar 30
  • SUP 1: 130.76 Low MAr 29
  • SUP 2: 129.64 Low Mar 24 and the bear trigger
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The trend direction in USDJPY remains down and this week’s gains are considered corrective. The 20-day EMA has been tested. A firmer resistance is seen at the 50-day EMA that intersects at 133.38. A clear break of this EMA would highlight a stronger reversal. On the downside, the bear trigger has been defined at 129.64. A break would resume the downtrend and open 129.12, the Feb 2 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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