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USDJPY TECHS: Holding On To Its Recent Gains

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 153.40 61.8% retracement of the Jul 3 - Sep 16 bear leg 
  • RES 3: 151.94 Low Jul 25  
  • RES 2: 150.76 50.0% retracement of the Jul 3 - Sep 16 bear leg  
  • RES 1: 149.39 High Aug 15 and a reversal trigger      
  • PRICE: 148.13 @ 16:28 BST Oct 7
  • SUP 1: 145.92/144.61 Low Oct 4 / 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 traded higher Friday and again early Monday, as the pair extended the rally that started Sep 16 and price is trading at the latest highs. Last week’s gains resulted in a break of the 50-day EMA. This undermines a recent bearish theme and highlights a stronger reversal. Sights are on 149.39, Aug 15 high. Clearance of this level would strengthen the bullish theme. Initial firm support is 144.61, the 20-day EMA. A break of the average is required to signal a reversal. 

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  • RES 4: 153.40 61.8% retracement of the Jul 3 - Sep 16 bear leg 
  • RES 3: 151.94 Low Jul 25  
  • RES 2: 150.76 50.0% retracement of the Jul 3 - Sep 16 bear leg  
  • RES 1: 149.39 High Aug 15 and a reversal trigger      
  • PRICE: 148.13 @ 16:28 BST Oct 7
  • SUP 1: 145.92/144.61 Low Oct 4 / 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 traded higher Friday and again early Monday, as the pair extended the rally that started Sep 16 and price is trading at the latest highs. Last week’s gains resulted in a break of the 50-day EMA. This undermines a recent bearish theme and highlights a stronger reversal. Sights are on 149.39, Aug 15 high. Clearance of this level would strengthen the bullish theme. Initial firm support is 144.61, the 20-day EMA. A break of the average is required to signal a reversal.