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USDJPY TECHS: Pierces Support At The 50-Day EMA

USDJPY TECHS
USForeign Exchange Technical AnalysisAPACJapanBulletMarketsForeign Exchange BulletsNorth America
  • RES 4: 157.86 High Jul 19  
  • RES 3: 156.88 2.236 proj of the Sep 16 - 27 - 30 price swing 
  • RES 2: 155.89/156.75 High Nov 20 / 15 and the bull trigger 
  • RES 1: 153.64 20-day EMA 
  • PRICE: 151.26 @ 16:21 GMT Nov 27
  • SUP 1: 150.94 Low Nov 27
  • SUP 2: 150.50 Low Oct 22   
  • SUP 3: 150.19 38.2% retracement of the Sep 16 - Nov 15  
  • SUP 4: 149.09 Low Oct 21 

The medium-term USDJPY trend condition remains bullish, however, this week’s move lower strengthens the current corrective cycle. The pair has traded through the 20-day EMA, exposing key support at 151.56, the 50-day EMA. This average has been pierced, a clear break of it would signal scope for a deeper retracement towards 150.19, a Fibonacci retracement. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high.

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  • RES 4: 157.86 High Jul 19  
  • RES 3: 156.88 2.236 proj of the Sep 16 - 27 - 30 price swing 
  • RES 2: 155.89/156.75 High Nov 20 / 15 and the bull trigger 
  • RES 1: 153.64 20-day EMA 
  • PRICE: 151.26 @ 16:21 GMT Nov 27
  • SUP 1: 150.94 Low Nov 27
  • SUP 2: 150.50 Low Oct 22   
  • SUP 3: 150.19 38.2% retracement of the Sep 16 - Nov 15  
  • SUP 4: 149.09 Low Oct 21 

The medium-term USDJPY trend condition remains bullish, however, this week’s move lower strengthens the current corrective cycle. The pair has traded through the 20-day EMA, exposing key support at 151.56, the 50-day EMA. This average has been pierced, a clear break of it would signal scope for a deeper retracement towards 150.19, a Fibonacci retracement. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high.