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Recent Gains Considered Corrective For Now

USDJPY TECHS
  • RES 4: 160.17 High Apr 29 and the bull trigger
  • RES 3: 157.99 High May 1
  • RES 2: 157.00 61.8% retracement of the Apr 29 - May 3 sell-off
  • RES 1: 156.74 High May 14
  • PRICE: 156.29 @ 06:30 BST May 15
  • SUP 1: 154.97/153.21 20- and 50-day EMAs
  • SUP 2: 151.86 Low May 3
  • SUP 3: 151.65 Trendline support drawn from the Dec 28 low
  • SUP 4: 150.81 Low Apr 5

USDJPY is trading closer to this week’s highs and the bull cycle that started May 3, remains in play. For now, gains are considered corrective and a bear threat is present following the recent intervention-triggered retracement. A resumption of weakness would expose key support at 152.13, a trendline drawn from the Dec 28 low. Clearance of this line would strengthen a bearish threat. Initial resistance to watch is 157.00, a Fibonacci retracement

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