May 24, 2024 18:30 GMT
Holding On To This Week’s Gains
USDJPY TECHS
- RES 4: 160.17 High Apr 29 and the bull trigger
- RES 3: 158.12 76.4% retracement of the Apr 29 - May 3 sell-off
- RES 2: 157.99 High May 1
- RES 1: 157.20 High May 23
- PRICE: 156.92 @ 16:42 BST May 24
- SUP 1: 155.56/153.91 20- and 50-day EMA values
- SUP 2: 152.97 Trendline support drawn from the Dec 28 low
- SUP 3: 151.86 Low May 3
- SUP 4: 150.81 Low Apr 5
USDJPY is holding on to this week’s gains. The pair has breached resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off. A continuation higher would open 157.99, the May 1 high. For bears, a reversal lower would refocus attention on 153.91, the 50-day EMA, and 152.97, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat.
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