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USDJPY TECHS: Retracement Mode

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: 153.22 20-day EMA 
  • PRICE: 150.02 @ 06:59 GMT Nov 29
  • SUP 1: 149.76 Intraday low 
  • SUP 2: 149.09 Low Oct 21 
  • SUP 3: 148.17 50.0% retracement of the Sep 16 - Nov 15 
  • SUP 4: 147.35 Low Oct 8 

This week’s move lower in USDJPY marks an extension of the current corrective cycle, and today’s weakness reinforces a S/T bearish theme. The pair has traded through both the 20- and 50-day EMAs. This signals scope for a deeper retracement, towards 148.17 next, a Fibonacci retracement. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high. Initial firm resistance is seen at 153.22, the 20-day EMA.

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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: 153.22 20-day EMA 
  • PRICE: 150.02 @ 06:59 GMT Nov 29
  • SUP 1: 149.76 Intraday low 
  • SUP 2: 149.09 Low Oct 21 
  • SUP 3: 148.17 50.0% retracement of the Sep 16 - Nov 15 
  • SUP 4: 147.35 Low Oct 8 

This week’s move lower in USDJPY marks an extension of the current corrective cycle, and today’s weakness reinforces a S/T bearish theme. The pair has traded through both the 20- and 50-day EMAs. This signals scope for a deeper retracement, towards 148.17 next, a Fibonacci retracement. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high. Initial firm resistance is seen at 153.22, the 20-day EMA.