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Recovers Off Lows

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.34/35 High Feb 10 / High Jan 4 and the bull trigger
  • RES 1: 115.87 High Feb 15
  • PRICE: 114.99 @ 17:25 GMT Feb 22
  • SUP 1: 114.50 Low Feb 22
  • SUP 2: 114.16 Low Feb 02
  • SUP 3: 113.47 Low Jan 24 and key support
  • SUP 4: 113.14 Low Dec 17

USDJPY recovered off lows into the Tuesday close, erasing early weakness and showing at new weekly highs. This keeps prices on either side of the 50-day EMA at 114.74. A clear break below this average would signal scope for a deeper pullback with the next firm support at 114.16, the Feb 2 low. For bulls, a resumption of strength would refocus attention on the 116.34/35 key resistance and a bull trigger. Clearance of this level would highlight a continuation of the medium-term uptrend.

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