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USDJPY TECHS: Trend Needle Points South

USDJPY TECHS
USForeign Exchange Technical AnalysisGlobalAPACJapanBulletMarketsForeign Exchange BulletsRegionNorth America
  • RES 4: 149.39 High Aug 15 and a reversal trigger   
  • RES 3: 147.21 High Sep 3
  • RES 2: 146.40 50-day EMA   
  • RES 1: 143.63 20-day EMA6      
  • PRICE: 143.36 @ 06:47 BST Sep 30
  • SUP 1: 139.58 Low Sep 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. A continuation lower would open 139.58, the Sep 16 low and bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 139.00, a Fibonacci projection. Key resistance is seen at 146.40, the 50-day EMA. 

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  • RES 4: 149.39 High Aug 15 and a reversal trigger   
  • RES 3: 147.21 High Sep 3
  • RES 2: 146.40 50-day EMA   
  • RES 1: 143.63 20-day EMA6      
  • PRICE: 143.36 @ 06:47 BST Sep 30
  • SUP 1: 139.58 Low Sep 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. A continuation lower would open 139.58, the Sep 16 low and bear trigger. Clearance of this level would confirm a resumption of the downtrend and open 139.00, a Fibonacci projection. Key resistance is seen at 146.40, the 50-day EMA.