Free Trial

Testing Resistance At The 50-Day EMA

USDJPY TECHS
  • RES 4: 135.11 High Mar 15
  • RES 3: 134.75 61.8% retracement of the Mar 8 - 24 bear leg
  • RES 2: 133.77 50.0% retracement of the Mar 8 - 24 bear leg
  • RES 1: 133.59 High Mar 31
  • PRICE: 132.77 @ 16:42 BST Mar 31
  • SUP 1: 130.76 Low Mar 29
  • SUP 2: 129.64 Low Mar 24 and the bear trigger
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The trend direction in USDJPY remains down and this week’s gains are considered corrective. The 50-day EMA has been tested, it intersects at 133.36 and represents a key short-term hurdle for bulls. A clear break, if seen, would alter the S/T picture and suggest scope for a stronger recovery. This would open 133.77, a Fibonacci retracement. On the downside, the bear trigger has been defined at 129.64. A break would resume the downtrend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.