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USDJPY TECHS:

USDJPY TECHS
  • RES 4: 117.53 High Jan 9, 2017
  • RES 3: 116.87 High Jan 11, 2017
  • RES 2: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 115.52 High Nov 24
  • PRICE: 114.56 @ 06:28 GMT Nov 26
  • SUP 1: 114.27/113.59 20-day EMA / Low Nov 19 and a key support
  • SUP 2: 113.20 50-day EMA
  • SUP 3: 112.73 Low Nov 9 and a reversal trigger
  • SUP 4: 112.08 High Sep 30 and a recent breakout level

USDJPY has struggled to hold onto recent highs and has traded sharply lower today. Recent price action has defined a key short-term resistance at 115.52, the Nov 24 high where a break is required to resume the recent upleg. Note that short-term weakness is likely a correction with the broader trend structure continuing to highlight an uptrend. The first key short-term support to watch is 113.59, Nov 19 low.

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