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Key Bear Channel Top Exposed

USDJPY TECHS
  • RES 4: 105.16 High Nov 13
  • RES 3: 104.95 76.4% retracement of the Nov 11 - Jan 6 downleg
  • RES 2: 104.76 High Nov 24
  • RES 1: 104.40/45 High Jan 11 / 1.0% 10-dma envelope
  • PRICE: 104.18 @ 16:49 GMT Jan 12
  • SUP 1: 103.60 Low 20-day EMA
  • SUP 2: 102.95 Low Jan 7
  • SUP 3: 102.59 Low Jan 6 and the bear trigger
  • SUP 4: 102.02 Low Mar 10

USDJPY maintains a firmer tone after trading higher Monday. The pair has cleared the 50-day EMA, strengthening current short-term bullish conditions. Furthermore, Monday's climb resulted in prices briefly breaching key resistance, today at 104.34, defined by the top of a bear channel drawn off the Mar 24 high. A channel break would signal a stronger reversal. On the downside, initial support is at 103.60, the 20-day EMA.

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