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Strong Reversal Exposes Key Support

  • RES 4: 140.85 50-day EMA
  • RES 2: 140.00 Round number resistance
  • RES 3: 138.60 20-day EMA
  • RES 1: 137.97 Intraday high
  • PRICE: 135.11 @ 16:42 GMT Dec 13
  • SUP 1: 134.66/133.63 Dec 13 low / 2 and the bear trigger
  • SUP 2: 132.56 Low Aug 15
  • SUP 3: 131.08 1.00 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 4: 130.41 Low Aug 2

USDJPY has pulled back from Tuesday’s high of 137.97. The move lower signals the end of the recent corrective phase that started on Dec 2. A continuation lower would open 133.63, the Dec 2 low and bear trigger. A break of this level would confirm a resumption of the current downtrend and pave the way for a move towards 132.56, the Aug 15 low. The 20-day EMA, at 138.60, remains the first key short-term resistance.

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