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USDJPY TECHS: Corrective Cycle

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: 153.40 20-day EMA 
  • PRICE: 151.51 @ 16:31 GMT Nov 28
  • SUP 1: 150.46 Low Nov 27
  • SUP 2: 150.19 38.2% retracement of the Sep 16 - Nov 15  
  • SUP 3: 149.09 Low Oct 21  
  • SUP 4: 148.17 50.0% retracement of the Sep 16 - Nov 15

This week’s move lower in USDJPY marks an extension of the current corrective cycle. The pair has traded through both the 20- and 50-day EMAs. A clear break of the 50-day average would signal scope for a deeper retracement, towards 150.19 next, a Fibonacci retracement. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high. Clearance of this level would confirm a resumption of the uptrend.   

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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: 153.40 20-day EMA 
  • PRICE: 151.51 @ 16:31 GMT Nov 28
  • SUP 1: 150.46 Low Nov 27
  • SUP 2: 150.19 38.2% retracement of the Sep 16 - Nov 15  
  • SUP 3: 149.09 Low Oct 21  
  • SUP 4: 148.17 50.0% retracement of the Sep 16 - Nov 15

This week’s move lower in USDJPY marks an extension of the current corrective cycle. The pair has traded through both the 20- and 50-day EMAs. A clear break of the 50-day average would signal scope for a deeper retracement, towards 150.19 next, a Fibonacci retracement. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high. Clearance of this level would confirm a resumption of the uptrend.