May 21, 2024 05:40 GMT
Resistance Remains Intact 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: 156.38 @ 06:39 BST May 21
- SUP 1: 153.56 50-day EMA
- SUP 2: 152.61 Trendline support drawn from the Dec 28 low
- SUP 3: 151.86 Low May 3
- SUP 4: 150.81 Low Apr 5
USDJPY traded higher Monday and remains above last Thursday’s low. For bears, the pullback from 156.74, May 14 high, continues to signal the end of the corrective phase between May 3 - 14, and a possible resumption of a S/T bearish cycle. Attention is on 153.56, the 50-day EMA, and 152.61, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat. 156.74 is the resistance to watch.
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