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Trend Outlook Remains Bearish

USDJPY TECHS
  • RES 4: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
  • RES 3: 133.79 50-day EMA
  • RES 2: 132.87 High Jan 11
  • RES 1: 130.72/131.58 20-day EMA / High Jan 18
  • PRICE: 129.84 @ 16:43 GMT Jan 27
  • SUP 1: 128.36/127.23 Low Jan 20 / 16 and the bear trigger
  • SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 126.36 Low May 24 and a key support
  • SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing

The USDJPY trend outlook is bearish and resistance at 131.58, the Jan 18 high, remains intact. Note too that the price is also trading below the 20-day EMA, at 130.72. A resumption of weakness would open 126.81, a Fibonacci projection - the bear trigger is 127.23, Jan 16 low. On the upside, clearance of 131.58 would be a bullish development. This would signal a short-term reversal and open 133.79, the 50-day EMA.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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