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USDJPY TECHS: Short-Term Bear Threat

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 159.45 High Jul 12  
  • RES 3: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
  • RES 2: 158.08/87 High Jan 15 / 10 and the bull trigger 
  • RES 1: 156.75 High Jan 23       
  • PRICE: 154.30 @ 16:23 GMT Jan 30
  • SUP 1: 153.72/34 Low Jan 27 / Low Dec 18  
  • SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
  • SUP 3: 151.81 Low Dec 12   
  • SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

The primary trend condition in USDJPY remains bullish. However, Monday’s move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. A resumption of weakness would open 152.55, a Fibonacci retracement point. Initial firm resistance is at 156.75, the Jan 23 high. Clearance of this level would be a bullish development.        

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  • RES 4: 159.45 High Jul 12  
  • RES 3: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
  • RES 2: 158.08/87 High Jan 15 / 10 and the bull trigger 
  • RES 1: 156.75 High Jan 23       
  • PRICE: 154.30 @ 16:23 GMT Jan 30
  • SUP 1: 153.72/34 Low Jan 27 / Low Dec 18  
  • SUP 2: 152.55 61.8% retracement of the Dec 3 - Jan 10 bull leg
  • SUP 3: 151.81 Low Dec 12   
  • SUP 4: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg   

The primary trend condition in USDJPY remains bullish. However, Monday’s move down highlights a stronger bear threat. The pair has breached the 50-day EMA and a trendline drawn from the Sep 16 ‘24 low. A resumption of weakness would open 152.55, a Fibonacci retracement point. Initial firm resistance is at 156.75, the Jan 23 high. Clearance of this level would be a bullish development.