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USDJPY TECHS: Short-Term Trend Needle Points South

USDJPY TECHS
  • RES 4: 159.45 High Jul 12    
  • RES 3: 157.86 High Jul 19  
  • RES 2: 157.31 50-day EMA  
  • RES 1: 155.99 High Jul 24 
  • PRICE: 153.97 @ 16:13 BST Jul 29
  • SUP 1: 151.94 Low Jul 25
  • SUP 2: 151.57 200-dma
  • SUP 3: 151.10 50% retracement of the Dec 28 ‘23 - Jul 3 upleg
  • SUP 4: 150.81 Low Apr 5

A sharp sell-off last week in USDJPY reinforces the current bearish cycle and the pair is trading just above its recent lows. The move down signals scope for an extension towards 151.10, a Fibonacci retracement point. Note too that the 200-dma lies at 151.57. Clearance of both price points would reinforce the current bearish. On the upside, key short-term resistance is 157.31, the 50-day EMA. Clearance of this average would signal a potential reversal.  

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