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USDJPY TECHS: Corrective Pullback

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 157.86 High Jul 19   
  • RES 3: 156.67 76.4% retracement of the Jul 3 - Sep 16 bear leg  
  • RES 2: 155.27 2.00 proj of the Sep 16 - 27 - 30 price swing  
  • RES 1: 153.88 High Oct 28                                           
  • PRICE: 152.43 @ 16:43 GMT Oct 31
  • SUP 1: 151.46 Low Oct 25     
  • SUP 2: 150.32/148.70 20- and 50-day EMA values 
  • SUP 3: 145.92 Low Oct 4
  • SUP 4: 143.43/141.65 Low Oct 2 / Low Sep 30 

The trend condition in USDJPY remains bullish and despite today’s pullback, the pair continues to trade closer to its recent highs. Recent gains have confirmed a resumption of the current uptrend. Price has traded through 153.40, 61.8% of the downleg posted off the July 3rd high. The move higher sets the scene for an extension towards 155.27, a Fibonacci projection. Initial firm support is 148.70, the 50-day EMA. The 20-day EMA is at 150.32. 

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  • RES 4: 157.86 High Jul 19   
  • RES 3: 156.67 76.4% retracement of the Jul 3 - Sep 16 bear leg  
  • RES 2: 155.27 2.00 proj of the Sep 16 - 27 - 30 price swing  
  • RES 1: 153.88 High Oct 28                                           
  • PRICE: 152.43 @ 16:43 GMT Oct 31
  • SUP 1: 151.46 Low Oct 25     
  • SUP 2: 150.32/148.70 20- and 50-day EMA values 
  • SUP 3: 145.92 Low Oct 4
  • SUP 4: 143.43/141.65 Low Oct 2 / Low Sep 30 

The trend condition in USDJPY remains bullish and despite today’s pullback, the pair continues to trade closer to its recent highs. Recent gains have confirmed a resumption of the current uptrend. Price has traded through 153.40, 61.8% of the downleg posted off the July 3rd high. The move higher sets the scene for an extension towards 155.27, a Fibonacci projection. Initial firm support is 148.70, the 50-day EMA. The 20-day EMA is at 150.32.