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USDJPY TECHS: Short-Term Trend Needle Points South

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 158.87 High Jan 10 and the bull trigger 
  • RES 3: 158.08 High Jan 15 
  • RES 2: 156.75 High Jan 23 and a key resistance 
  • RES 1: 153.72/155.30 Low Jan  27 / 20-day EMA       
  • PRICE: 152.54 @ 06:50 GMT Feb 6
  • SUP 1: 151.82 Intraday low 
  • SUP 2: 151.72 2.0% 10-dma envelope
  • SUP 3: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg 
  • SUP 4: 149.69 Low Dec 9     

A bearish theme in USDJPY remains intact and Wednesday’s move down reinforces current conditions. The sell-off expands the downside range, with the pair narrowing the proximity with the December low. Sights are on 151.06, a Fibonacci retracement point. On the upside, initial firm resistance is seen at 155.30, the 20-day EMA. Key short-term resistance has been defined at 156.75, the Jan 23 high, where a break would highlight a bullish reversal.

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  • RES 4: 158.87 High Jan 10 and the bull trigger 
  • RES 3: 158.08 High Jan 15 
  • RES 2: 156.75 High Jan 23 and a key resistance 
  • RES 1: 153.72/155.30 Low Jan  27 / 20-day EMA       
  • PRICE: 152.54 @ 06:50 GMT Feb 6
  • SUP 1: 151.82 Intraday low 
  • SUP 2: 151.72 2.0% 10-dma envelope
  • SUP 3: 151.06 76.4% retracement of the Dec 3 - Jan 10 bull leg 
  • SUP 4: 149.69 Low Dec 9     

A bearish theme in USDJPY remains intact and Wednesday’s move down reinforces current conditions. The sell-off expands the downside range, with the pair narrowing the proximity with the December low. Sights are on 151.06, a Fibonacci retracement point. On the upside, initial firm resistance is seen at 155.30, the 20-day EMA. Key short-term resistance has been defined at 156.75, the Jan 23 high, where a break would highlight a bullish reversal.