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Remains Vulnerable

USDJPY TECHS
  • RES 4: 137.91 High Mar 8 and the bull trigger
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.11 High Mar 15
  • RES 1: 132.65/134.09 High Mar 20 / 20-day EMA
  • PRICE: 131.40 @ 06:28 GMT Mar 21
  • SUP 1: 130.54 Low Mar 20
  • SUP 2: 129.75 76.4% retracement of the Jan 16 - Mar 8 rally
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The current bear cycle in USDJPY remains in play. The pair traded lower Monday, reinforcing current conditions. 131.31, 61.8% retracement of the Jan 16 - Mar 8 rally, has been cleared. The break strengthens bearish conditions and sets the scene for weakness towards 129.81, the Feb 10 low. On the upside, firm resistance is seen at the 20-day EMA. The average intersects at 134.09 where a break is required to ease bearish pressure.

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