Free Trial

USDJPY TECHS: Bearish Outlook

USDJPY TECHS
  • RES 4: 153.88 High Jul 31   
  • RES 3: 150.11 50-day EMA
  • RES 2: 149.39 High Aug 15     
  • RES 1: 146.72/147.21 20-day EMA / High Sep 2    
  • PRICE: 145.08 @ 06:40 BST Sep 4
  • SUP 1: 143.45 Low Aug 26    
  • SUP 2: 141.70/140.82 Low Aug 5 and the bear trigger / Low Jan 2
  • SUP 3: 140.25 Low Dec 28 ‘23 and a key support
  • SUP 4: 138.07 Low Dec 28   

USDJPY faced resistance Tuesday just above the 20-day EMA, at 146.72. The trend structure remains bearish and moving average studies are in a bear-mode set-up. A continuation lower would open key support at 141.70, the Aug 5 low. Clearance of this level would confirm a resumption of the downtrend. Initial firm support lies at 143.45, the Aug 26 low. On the upside, a break of the 20-day EMA would signal scope for a stronger correction.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.