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USDJPY TECHS: Corrective Cycle Extends

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 147.21 High Sep 3  
  • RES 3: 146.99 50-day EMA 
  • RES 2: 145.57 High Sep 4    
  • RES 1: 144.49 High Sep 20     
  • PRICE: 144.16 @ 06:36 BST Sep 23
  • SUP 1: 141.74/139.58 Low Sep 20 / 16 and the bear trigger     
  • 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 traded higher Friday and remains above its most recent low. However, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair traded to a fresh cycle low last week. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend. Sights are on 139.00 next, a Fibonacci projection. The 20-day EMA has been breached, the next key resistance is 146.99, the 50-day EMA.

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  • RES 4: 147.21 High Sep 3  
  • RES 3: 146.99 50-day EMA 
  • RES 2: 145.57 High Sep 4    
  • RES 1: 144.49 High Sep 20     
  • PRICE: 144.16 @ 06:36 BST Sep 23
  • SUP 1: 141.74/139.58 Low Sep 20 / 16 and the bear trigger     
  • 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 traded higher Friday and remains above its most recent low. However, short-term gains are considered corrective. Bears remain in the driver’s seat and the pair traded to a fresh cycle low last week. The recent breach of key support at 141.70, the Aug 5 low, confirms a resumption of the downtrend. Sights are on 139.00 next, a Fibonacci projection. The 20-day EMA has been breached, the next key resistance is 146.99, the 50-day EMA.