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Short-Term Outlook Remains Bearish

USDJPY TECHS
  • RES 4: 126.26 3.382 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
  • RES 3: 125.86 High Jun 5 2015 and a major resistance
  • RES 2: 125.28 High Aug 12 2015
  • RES 1: 123.57/125.09 High Apr 5 / High Mar 28 and the bull trigger
  • PRICE: 123.51 @ 17:18 BST Apr 5
  • SUP 1: 121.28 Low Mar 31
  • SUP 2: 120.95 Low Mar 24
  • SUP 3: 120.36/00 20-day EMA / Round number support
  • SUP 4: 119.44 Low Mar 22

USDJPY is trading above last week’s low of 121.28 on Mar 31. A corrective cycle continues to dominate following last week’s pullback from 125.09, Mar 28 high. 121.28 represents a key short-term support. A break of this level would allow for an extension lower and open 120.95, Mar 24 low ahead of the 120.00 handle. On the upside, initial resistance is seen at 123.57 with the bull trigger unchanged at 125.09.

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