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Testing Its 50-Day EMA

USDJPY TECHS
  • RES 4: 116.87 High Jan 11, 2017
  • RES 3: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 115.52 High Nov 24 and the bull trigger
  • RES 1: 114.19 20-day EMA
  • PRICE: 113.76 @ 16:36 GMT Nov 29
  • SUP 1: 112.73 Low Nov 9 and a reversal trigger
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.32 61.8% retracement of theAug - Nov rally
  • SUP 4: 110.82 Low Oct 4

USDJPY remains vulnerable following Friday’s sharp sell-off. The move lower resulted in a break of support at 113.59, Nov 19 low. This highlights a stronger short-term bearish threat and the pair is testing the 50-day EMA at 113.21. This average represents an area of trend support and a clear break would strengthen a bearish case and expose 112.73, Nov 9 low. Key resistance has been defined at 115.52, the Nov 24 high and is the bull trigger.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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