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Support Remains Exposed

USDJPY TECHS
  • RES 4: 133.11 High Apr 4 2002
  • RES 3: 132.39 High Apr 15 2002
  • RES 2: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 129.78/131.35 High May 17 / High May 9 and the bull trigger
  • PRICE: 127.58 @ 06:30 BST May 24
  • SUP 1: 127.03 Low May 19
  • SUP 2: 126.95 Low Apr 27 and a key support
  • SUP 3: 125.86 50-day EMA
  • SUP 4: 125.09 Low Apr 14

USDJPY is trading near its recent lows. 127.52, the May 12 low was breached last week and this exposes key short-term support at 126.95, Apr 27 low. The current pullback is likely a correction though and this is allowing a recent overbought trend reading to unwind. Clearance of 126.95 would signal scope for an extension towards the 50-day EMA, at 125.86. A reversal higher and a move above 129.78, May 17 high would be a bullish development.

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