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Support Remains Intact

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: 116.34/35 High Feb 10 / High Jan 4 and the bull trigger
  • RES 1: 115.87 High Feb 15
  • PRICE: 115.52 @ 06:35 GMT Feb 28
  • SUP 1: 114.41 Low Feb 24
  • SUP 2: 114.16 Low Feb 02
  • SUP 3: 113.47 Low Jan 24 and key support
  • SUP 4: 113.14 Low Dec 17

USDJPY managed to find support last week at 114.41 on Feb 24. This means the 114.16 support remains intact, Feb 2 low. Note that the pair has moved back above the 50-day EMA that intersects at 114.82. A stronger recovery would refocus attention on the 116.34/35 key resistance. For bears, weakness below 114.41 and more importantly 114.16, would reinforce a bearish threat and expose 113.47, Jan 24 low and a key support.

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