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USDJPY TECHS: Resistance At The 50-Day EMA Remains Intact

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 149.39 High Aug 15 and a reversal trigger   
  • RES 3: 148.05 High Sep 19  
  • RES 2: 147.21 High Sep 3  
  • RES 1: 146.29 50-day EMA      
  • PRICE: 144.38 @ 06:31 BST Oct 1
  • SUP 1: 141.65/139.58 Low Sep 30 / 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  

Recent gains in USDJPY appear to have been a correction and Friday’s sell-off reinforces this theme. The move down also highlights a likely resumption of the downtrend. An extension lower would open 139.58, the Sep 16 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 139.00, a Fibonacci projection. Key resistance is at 146.29, the 50-day EMA.

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  • RES 4: 149.39 High Aug 15 and a reversal trigger   
  • RES 3: 148.05 High Sep 19  
  • RES 2: 147.21 High Sep 3  
  • RES 1: 146.29 50-day EMA      
  • PRICE: 144.38 @ 06:31 BST Oct 1
  • SUP 1: 141.65/139.58 Low Sep 30 / 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  

Recent gains in USDJPY appear to have been a correction and Friday’s sell-off reinforces this theme. The move down also highlights a likely resumption of the downtrend. An extension lower would open 139.58, the Sep 16 low and a bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 139.00, a Fibonacci projection. Key resistance is at 146.29, the 50-day EMA.