Free Trial

Testing Resistance At The 50-Day EMA

  • 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 and intraday high
  • PRICE: 133.39 @ 06:39 BST Apr 3
  • SUP 1: 132.21/130.76 Low Mar 30 / 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 last week’s gains are considered corrective. However, the 50-day EMA has been tested, it intersects at 133.34 and represents a key S/T hurdle for bulls. A clear break, if seen, would alter the picture and suggest scope for a stronger recovery. This would open 133.77, a Fibonacci retracement. On the downside, the bear trigger is at 129.64, the Mar 24 low. A break would resume the downtrend.

To read the full story



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.