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Impulsive Sell-Off Extends

USDJPY TECHS
  • RES 4: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 3: 151.43 High Nov 16
  • RES 2: 150.89 High Feb 13 and bull trigger
  • RES 1: 148.52/149.61 50- and 20-day EMA values
  • PRICE: 147.00 @ 14:16 GMT Mar 8
  • SUP 1: 146.49 Intraday low
  • SUP 2: 145.90 Low Feb 1 and key support
  • SUP 3: 145.57 50.0% retracement of the Dec 28 - Feb 13 bull cycle
  • SUP 4: 144.88 Low Jan 15

A sharp sell-off in USDJPY Thursday and again today, highlights a reversal of the recent rally between Dec 28 - Feb 13. The pair is through support at the 50-day EMA - at 148.52 and the clear break of this average strengthens the current bearish cycle. Note that 146.83, 38.2% of the Dec 28 - Feb 13 bull cycle, has been pierced. Clearance of this level would open 145.90, Feb 1 low and a key support. Initial resistance to watch is 148.52, the 50-day EMA.

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