Free Trial

USDJPY TECHS: Recovery Extends

USDJPY TECHS
  • RES 4: 155.89/156.75 High Nov 20 / 15 and the bull trigger
  • RES 3: 154.84 76.4% retracement of the Nov 15 - Dec 3 pullback
  • RES 2: 153.66 61.8% retracement of the Nov 15 - Dec 3 pullback   
  • RES 1: 152.82 High Dec 11
  • PRICE: 152.54 @ 06:48 GMT Dec 12 
  • SUP 1: 149.37/148.65 Low Dec 06 / 03 and the bear trigger 
  • SUP 2: 148.17 50.0% retracement of the Sep 16 - Nov 15 bull leg 
  • SUP 3: 147.67 2.0% 10-dma envelope 
  • SUP 4: 147.35 Low Oct 8

USDJPY has traded higher this week and is holding on to its latest gains. The pair has breached both the 20- and 50-day EMAs. This undermines the recent bearish theme and for now, signals scope for an extension higher. The next firm short-term resistance is at 153.66, a Fibonacci retracement. A reversal lower would signal the end of the latest bounce and refocus attention on the bear trigger at 148.65, the Dec 3 low.

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.