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Recent Gains Appear To Be A Correction

USDJPY TECHS
  • RES 4: 148.51 High Nov 30
  • RES 3: 147.67 20-day EMA
  • RES 2: 147.32 High Dec 7 and a key resistance
  • RES 1: 146.59 High Dec 11
  • PRICE: 145.42 @ 06:46 GMT Dec 12
  • SUP 1: 144.78 Low Dec 11
  • 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 traded sharply lower last Thursday, touching a low of 141.71. The break lower confirmed a breach of the trendline drawn from the Mar 24 low. This strengthens a bearish threat and signals scope for a continuation lower with sights on 140.71 next, a Fibonacci retracement point. The latest recovery - for now - appears to be a correction. Key short-term resistance to watch is 147.32, the Dec 7 high. A break would undermine the bearish theme.

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