January 24, 2025 19:30 GMT
USDJPY TECHS: Testing Support
USDJPY TECHS
- RES 4: 159.45 High Jul 12
- RES 3: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
- RES 2: 158.08/87 High Jan 15 / 10 and the bull trigger
- RES 1: 156.82 50.0% retracement of the Jan 10 - 21 bear leg
- PRICE: 155.69 @ 16:04 GMT Jan 24
- SUP 1: 155.11/154.80 50-day EMA / Trendline drawn from Sep 16 low
- SUP 2: 154.78 Low Jan 21 ‘24 low
- SUP 3: 153.76 50.0% retracement of the Dec 3 - Jan 10 bull leg
- SUP 4: 153.16 Low Dec 17
The primary trend condition in USDJPY remains bullish and the latest pullback is considered corrective - for now. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Support to watch is 155.11, the 50-day EMA (pierced), and 154.80, a trendline drawn from the Sep 16 ‘24 high. A clear breach of both levels would highlight a stronger reversal. Key resistance and the bull trigger is 158.87, the Jan 10 high.
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