Focus Is On The 50-day EMA

• RES 4: 106.55 High Sep 3
• RES 3: 106.38 High Sep 8
• RES 2: 105.92 50-day EMA
• RES 1: 105.80 High Sep 30
• PRICE: 105.59 @ 17:15 BST Sep 30
• 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, a USDJPY bearish outlook holds. The pair has defined a firm support at 104.00, Sep 21 low, and this level 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. Continued gains would expose the 50-day EMA at 105.92 though. A clear breach would highlight a stronger bullish theme.