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USDJPY TECHS: Corrective Bounce

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 147.72 50-day EMA  
  • RES 3: 147.21 High Sep 3  
  • RES 2: 143.95/145.57 20-day EMA / High Sep 4    
  • RES 1: 142.06 High Sep 17     
  • PRICE: 140.72 @ 06:23 BST Sep 17
  • SUP 1: 139.58 Low Sep 16    
  • SUP 2: 139.00 1.382 proj of the Aug 15 - 26 - Sep 3 price swing
  • SUP 3: 138.30 1.50 proj of the Aug 15 - 26 - Sep 3 price swing
  • SUP 4: 138.07 Low Jul 28 2023  

USDJPY has found support, however, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair has once again traded to a fresh cycle low this week. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 139.00 next, a Fibonacci projection. Firm resistance is 143.95, 20-day EMA.

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  • RES 4: 147.72 50-day EMA  
  • RES 3: 147.21 High Sep 3  
  • RES 2: 143.95/145.57 20-day EMA / High Sep 4    
  • RES 1: 142.06 High Sep 17     
  • PRICE: 140.72 @ 06:23 BST Sep 17
  • SUP 1: 139.58 Low Sep 16    
  • SUP 2: 139.00 1.382 proj of the Aug 15 - 26 - Sep 3 price swing
  • SUP 3: 138.30 1.50 proj of the Aug 15 - 26 - Sep 3 price swing
  • SUP 4: 138.07 Low Jul 28 2023  

USDJPY has found support, however, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair has once again traded to a fresh cycle low this week. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 139.00 next, a Fibonacci projection. Firm resistance is 143.95, 20-day EMA.