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Trend Condition Remains Overbought

USDJPY TECHS
  • RES 4: 160.17/20 High Apr 29 / High Apr 1990
  • RES 3: 159.55 2.618 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 2: 158.97 2.50 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 1: 158.44 HIgh Apr 26
  • PRICE: 157.73 @ 16:20 BST May 1
  • SUP 1: 154.58/54 20-day EMA / Low Apr 29
  • SUP 2: 153.59 Low Apr 19
  • SUP 3: 152.31 50-day EMA values
  • SUP 4: 150.81 Low Apr 5

The USDJPY trend condition remains bullish. However, Monday’s volatile session highlights the start of a possible corrective cycle. An early rally Monday stopped short of resistance at 160.20, the Apr 1990 high. Note that the trend condition is overbought and a deeper retracement would allow the overbought set-up to unwind. Initial key support to watch lies at 154.58, the 20-day EMA. The 50-day EMA lies at 152.31.

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  • RES 4: 160.17/20 High Apr 29 / High Apr 1990
  • RES 3: 159.55 2.618 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 2: 158.97 2.50 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 1: 158.44 HIgh Apr 26
  • PRICE: 157.73 @ 16:20 BST May 1
  • SUP 1: 154.58/54 20-day EMA / Low Apr 29
  • SUP 2: 153.59 Low Apr 19
  • SUP 3: 152.31 50-day EMA values
  • SUP 4: 150.81 Low Apr 5

The USDJPY trend condition remains bullish. However, Monday’s volatile session highlights the start of a possible corrective cycle. An early rally Monday stopped short of resistance at 160.20, the Apr 1990 high. Note that the trend condition is overbought and a deeper retracement would allow the overbought set-up to unwind. Initial key support to watch lies at 154.58, the 20-day EMA. The 50-day EMA lies at 152.31.