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USDJPY TECHS: Approaching Support At The 50-Day EMA

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 157.86 High Jul 19  
  • RES 3: 156.88 2.236 proj of the Sep 16 - 27 - 30 price swing 
  • RES 2: 155.89/156.75 High Nov 20 / 15 and the bull trigger 
  • RES 1: 153.64 20-day EMA 
  • PRICE: 152.16 @ 07:06 GMT Nov 27
  • SUP 1: 151.56 50-day EMA       
  • SUP 2: 151.30 Low Nov 6   
  • SUP 3: 150.19 38.2% retracement of the Sep 16 - Nov 15  
  • SUP 4: 149.09 Low Oct 21 

The medium-term USDJPY trend condition is unchanged, it remains bullish, however, this week’s move lower strengthens the current short-term corrective cycle. The pair has traded through the 20-day EMA, exposing the next key support at 151.56, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. For bulls, a reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high.

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  • RES 4: 157.86 High Jul 19  
  • RES 3: 156.88 2.236 proj of the Sep 16 - 27 - 30 price swing 
  • RES 2: 155.89/156.75 High Nov 20 / 15 and the bull trigger 
  • RES 1: 153.64 20-day EMA 
  • PRICE: 152.16 @ 07:06 GMT Nov 27
  • SUP 1: 151.56 50-day EMA       
  • SUP 2: 151.30 Low Nov 6   
  • SUP 3: 150.19 38.2% retracement of the Sep 16 - Nov 15  
  • SUP 4: 149.09 Low Oct 21 

The medium-term USDJPY trend condition is unchanged, it remains bullish, however, this week’s move lower strengthens the current short-term corrective cycle. The pair has traded through the 20-day EMA, exposing the next key support at 151.56, the 50-day EMA. A clear break of this average would signal scope for a deeper retracement. For bulls, a reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high.