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Support Creaking

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 115.68/116.35 High Jan 11 / High Jan 4 and the bull trigger
  • RES 1: 115.06 High Jan 18
  • PRICE: 113.89 @ 16:32 GMT Jan 24
  • SUP 1: 113.47/49 Low Jan 24/14
  • SUP 2: 113.43 76.4% of the Nov 30 - Jan 4 rally
  • SUP 3: 113.14 Low Dec 17
  • SUP 4: 112.20 2.0% 10-dma envelope

USDJPY has pulled back from its most recent high of 115.06 on Jan 18. The pair has tested key support at the Jan 14 low at 113.49. The recent recovery from this low is a bullish development and this is highlighted by a reversal signal on Jan 14 - a doji candle pattern. A resumption of gains would open 115.68, Jan 11 high and the key resistance at 116.35. A firm break and close below 113.49 would instead reinstate a bearish threat.

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