Free Trial

Path Of Least Resistance Remains Down

USDJPY TECHS
  • RES 4: 136.66 200-dma
  • RES 3: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
  • RES 2: 131.31/132.09 Low Jan 9 / 20-day EMA
  • RES 1: 129.52 Low Jan 3 and a recent breakout point
  • PRICE: 128.21 @ 16:15 GMT Jan 17
  • SUP 1: 127.23 Low Jan 16
  • SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 126.36 Low May 24 and a key support
  • SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing

The downtrend in USDJPY remains intact and gains are considered corrective. Last week’s move lower confirmed a resumption of the trend. Moving average studies remain in a bear mode condition and a bearish price sequence highlights a downtrend. Furthermore, the 50- and 200-dmas have crossed, highlighting a potential bearish death cross. The focus is on 126.81, a Fibonacci projection. Key resistance is at 134.77, the Jan 6 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.