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Pullback Appears To Be A Correction

USDJPY TECHS
  • RES 4: 160.17 High Apr 29 and the bull trigger
  • RES 3: 158.12 76.4% retracement of the Apr 29 - May 3 sell-off
  • RES 2: 157.99 High May 1
  • RES 1: 157.71 High May 29
  • PRICE: 156.74 @ 06:42 BST May 31
  • SUP 1: 156.17/154.49 20- and 50-day EMA values
  • SUP 2: 153.57 Trendline support drawn from the Dec 28 low
  • SUP 3: 151.86 Low May 3
  • SUP 4: 150.81 Low Apr 5

A bull cycle in USDJPY remains in play and Thursday’s pullback appears to be a correction. Resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off, have recently been breached. A continuation higher would open 157.99, the May 1 high. For bears, a stronger reversal would again refocus attention on key support at 154.49, the 50-day EMA, and 153.57, a trendline drawn from the Dec 28 low.

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