May 23, 2024 05:52 GMT
Testing Resistance
USDJPY TECHS
- RES 4: 160.17 High Apr 29 and the bull trigger
- RES 3: 157.99 High May 1
- RES 2: 157.00 61.8% retracement of the Apr 29 - May 3 sell-off
- RES 1: 156.90 Intraday high
- PRICE: 156.74 @ 06:51 BST May 23
- SUP 1: 155.42/153.78 20- and 50-day EMA values
- SUP 2: 152.85 Trendline support drawn from the Dec 28 low
- SUP 3: 151.86 Low May 3
- SUP 4: 150.81 Low Apr 5
USDJPY is holding on to its most recent gains. The pair has traded through resistance at 156.74, the May 14 high and attention turns to 157.00, a Fibonacci retracement point. A breach of this level would open 157.99, the May 1 high. For bears, a reversal lower would refocus attention on 153.78, the 50-day EMA, and 152.85, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat.
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