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USDJPY TECHS: Corrective Cycle Remains In Play

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 150.76 50.0% retracement of the Jul 3 - Sep 16 bear leg  
  • RES 3: 149.39 High Aug 15 and a reversal trigger  
  • RES 2: 148.13 38.2% retracement of the Jul 3 - Sep 16 bear leg   
  • RES 1: 147.24 High Oct 3       
  • PRICE: 146.06 @ 06:56 BST Oct 4
  • SUP 1: 144.18 20-day EMA     
  • SUP 2: 141.65 Low Sep 30 
  • SUP 3: 140.45 Low Sep 18  
  • SUP 4: 139.58 Low Sep 16 and the bear trigger   

USDJPY is holding on to this week’s gains. The rally from the Sep 30 low has resulted in a print above resistance around the 50-day EMA, at 146.22. A clear break of this average would undermine a bearish theme and highlight a stronger reversal. This would open 149.39, the Aug 15 high. It is still possible that short-term gains are corrective. A reversal lower would refocus attention on the bear trigger at 139.58, the Sep 16 low.

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  • RES 4: 150.76 50.0% retracement of the Jul 3 - Sep 16 bear leg  
  • RES 3: 149.39 High Aug 15 and a reversal trigger  
  • RES 2: 148.13 38.2% retracement of the Jul 3 - Sep 16 bear leg   
  • RES 1: 147.24 High Oct 3       
  • PRICE: 146.06 @ 06:56 BST Oct 4
  • SUP 1: 144.18 20-day EMA     
  • SUP 2: 141.65 Low Sep 30 
  • SUP 3: 140.45 Low Sep 18  
  • SUP 4: 139.58 Low Sep 16 and the bear trigger   

USDJPY is holding on to this week’s gains. The rally from the Sep 30 low has resulted in a print above resistance around the 50-day EMA, at 146.22. A clear break of this average would undermine a bearish theme and highlight a stronger reversal. This would open 149.39, the Aug 15 high. It is still possible that short-term gains are corrective. A reversal lower would refocus attention on the bear trigger at 139.58, the Sep 16 low.