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Resistance At 50-day EMA Intact

  • RES 4: 106.55 High Sep 3
  • RES 3: 106.38 High Sep 8
  • RES 2: 105.90 50-day EMA
  • RES 1: 105.80 High Sep 30
  • PRICE: 105.55 @ 16:35 BST Oct 1
  • SUP 1: 104.88 Low Sep 23
  • SUP 2: 104.41 Low Sep 22
  • SUP 3: 104.00 Low Sep 21 and the bear trigger
  • SUP 4: 103.80 1.618 proj of the Aug 13 - 19 rally from Aug 28 high

Although still trading near the top of its recent range, a USDJPY bearish outlook holds. The pair has defined a firm support at 104.00, Sep 21 low, and this level represents a near-term bear trigger. A resumption of weakness and clearance of 104.00 would open 103.80 and 103.51, both Fibonacci projections. Continued gains would expose the 50-day EMA at 105.90 though. A clear breach would highlight a stronger bullish theme.

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