March 20, 2023 06:47 GMT
Heading South
USDJPY TECHS
- RES 4: 137.91 High Mar 8 and the bull trigger
- RES 3: 136.99 High Mar 10
- RES 2: 135.11 High Mar 15
- RES 1: 132.65/134.38 Intraday high / 20-day EMA
- PRICE: 131.42@ 06:45 GMT Mar 20
- SUP 1: 131.30 Intraday low
- SUP 2: 129.81 Low Feb 10
- SUP 3: 128.09 Low Feb 2
- SUP 4: 127.23 Low Jan 16 and key support
USDJPY conditions remain bearish and the pair is trading lower today. 131.31, 61.8% retracement of the Jan 16 - Mar 8 rally, has been pierced. A clear breach of this level would strengthen bearish conditions and set the scene for weakness towards 129.81, the Feb 10 low. On the upside, firm resistance is seen at the 20-day EMA. The average intersects at 134.38 and a break is required to ease bearish pressure.
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