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Key Resistance in View

USDJPY TECHS
  • RES 4: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.52 High Nov 24 and the bull trigger
  • RES 2: 114.81 76.4% of the Nov 24 - 30 downleg
  • RES 1: 114.26/38 High Dec 15 / 61.8% of the Nov 24 - 30 downleg
  • PRICE: 114.12 @ 16:09 GMT Dec 21
  • SUP 1: 113.14 Low Dec 17
  • SUP 2: 112.53 Low Nov 30 and the bear trigger
  • SUP 3: 112.08 High Sep 30 and a recent breakout level
  • SUP 4: 111.32 61.8% retracement of the Aug - Nov rally

USDJPY ticked higher through the Wall Street opening bell, putting the pair at the best levels since Dec16 and within range of next key resistance at last Weds/Thurs' 114.25/27. Recovery through here opens 114.38, the 61.8% Fib retracement for the Nov 24 - 30 downleg and would signal potential for a stronger rally. A move lower in the near-term would expose key support at 112.53, Nov 30 low while on the upside, clearance of 114.26, Dec 15 high is needed to offset any developing bearish concerns.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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