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USDJPY TECHS: Holding On to Its Latest Gains

USDJPY TECHS
  • RES 4: 160.17 High Apr 29 and the bull trigger         
  • RES 3: 157.99 High May 1
  • RES 2: 157.00 61.8% retracement of the Apr 29 - May 3 sell-off  
  • RES 1: 156.74 High May 14
  • PRICE: 156.54 @ 16:44 BST May 22
  • SUP 1: 155.27/153.66 20- and 50-day EMA values        
  • SUP 2: 152.73 Trendline support drawn from the Dec 28 low
  • SUP 3: 151.86 Low May 3
  • SUP 4: 150.81 Low Apr 5

USDJPY is holding on to its most recent gains. For bears, the pullback from 156.74, May 14 high, continues - for now - to signal the end of the corrective phase between May 3 - 14, and a possible resumption of a short-term bearish cycle. Attention is on 153.66, the 50-day EMA, and 152.73, trendline support drawn from the Dec 28 low. Clearance of these two price points would strengthen a bearish threat. 156.74 is the resistance to watch.
 

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