September 24, 2024 18:05 GMT
USDJPY TECHS: Corrective Cycle Still In Play
USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
- RES 4: 147.21 High Sep 3
- RES 3: 146.86 50-day EMA
- RES 2: 145.57 High Sep 4
- RES 1: 144.68 High Sep 24
- PRICE: 143.49 @ 15:28 BST Sep 24
- 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 last week and remains above its most recent low. However, short-term gains appear corrective. Trend signals remain bearish 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 146.86, the 50-day EMA.
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