Key Short-Term Resistance Remains Intact

• RES 4: 148.51 High Nov 30
• RES 3: 147.46 20-day EMA
• RES 2: 147.32 High Dec 7 and a key resistance
• RES 1: 146.59 High Dec 11
• PRICE: 145.83 @ 06:41 GMT Dec 13
• SUP 1: 144.74 Low Dec 12
• SUP 2: 142.50/141.71 Low Dec 8 / 7 and the bear trigger
• SUP 3: 140.71 76.4% of the Jul 14 - Nov 13 bull run
• SUP 4: 139.11 1.764 proj of the Nov 13 - 21 - 22 price swing

USDJPY has recovered from its recent low of 141.71 on Dec 7. Short-term gains are considered corrective with key short-term resistance at 147.32, the Dec 7 high. A clear break of this level would undermine the bearish theme. Last week’s impulsive sell-off confirmed the break of trendline support drawn from the Mar 24 low. This strengthens a bearish threat and signals scope for a continuation lower towards 140.71 next, a Fibonacci retracement point.