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USDJPY TECHS: Trend Needle Points South

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
  • RES 3: 152.72 50-day EMA 
  • RES 2: 151.30 High Mar 3 and a key near-term resistance  
  • RES 1: 150.18 Intraday high 
  • PRICE: 149.66 @ 06:56 GMT Mar 5 
  • SUP 1: 148.10/01 Low MAr 4 / Low Oct 9 ‘24 
  • SUP 2: 146.80 2.0% 10-dma envelope
  • SUP 3: 146.95 61.8% retracement of the Sep 16 ‘24 - Jan 10 bull leg
  • SUP 4: 145.92 Low Oct 4 ‘24

USDJPY traded to a fresh cycle low Tuesday, but has recovered, and the pair is trading inside its recent range. The trend direction remains down and a resumption of weakness would pave the way for an extension towards 146.95, a Fibonacci retracement. Moving average studies remain in a bear-mode set-up, highlighting a dominant downtrend. Key S/T resistance is 151.30, the Mar 3 high. Clearance of this level is required to signal a base.

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  • RES 4: 154.80 High Dec 12 ‘24 and a key resistance     
  • RES 3: 152.72 50-day EMA 
  • RES 2: 151.30 High Mar 3 and a key near-term resistance  
  • RES 1: 150.18 Intraday high 
  • PRICE: 149.66 @ 06:56 GMT Mar 5 
  • SUP 1: 148.10/01 Low MAr 4 / Low Oct 9 ‘24 
  • SUP 2: 146.80 2.0% 10-dma envelope
  • SUP 3: 146.95 61.8% retracement of the Sep 16 ‘24 - Jan 10 bull leg
  • SUP 4: 145.92 Low Oct 4 ‘24

USDJPY traded to a fresh cycle low Tuesday, but has recovered, and the pair is trading inside its recent range. The trend direction remains down and a resumption of weakness would pave the way for an extension towards 146.95, a Fibonacci retracement. Moving average studies remain in a bear-mode set-up, highlighting a dominant downtrend. Key S/T resistance is 151.30, the Mar 3 high. Clearance of this level is required to signal a base.