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Trading Above Recent Lows

USDJPY TECHS
  • RES 4: 106.11 High Oct 7
  • RES 3: 105.68 High Nov 11 and the bull trigger
  • RES 2: 104.92 50-day EMA
  • RES 1: 104.76 High Nov 24
  • PRICE: 104.34 @ 06:06 GMT Nov 26
  • SUP 1: 103.65 Low Nov 18
  • SUP 2: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.19 Low Mar 9 and major support

USDJPY is trading above recent lows. The move higher earlier this week reinforces the bullish view based on the Nov 9 price action. In candle terms, the price pattern that day was a bullish engulfing line signalling a reversal. With the recent move lower considered a correction, stronger gains would open 105.68, Nov 11 high. Key support is at 103.18, Nov 6 low. A breach negates the candle pattern and resumes the downtrend. Initial support lies at 103.65, Nov 18 low.

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