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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 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.

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