April 29, 2024 04:47 GMT
Volatile And Enters A Retracement Mode
USDJPY TECHS
- RES 4: 160.17/20 Intraday high / High Apr 1990
- RES 3: 159.55 2.618 proj of the Feb 1 - 13 - Mar 8 price swing
- RES 2: 158.97 2.50 proj of the Feb 1 - 13 - Mar 8 price swing
- RES 1: 158.44 HIgh Apr 26
- PRICE: 155.65 @ 05:46 BST Apr 29
- SUP 1: 154.99 Low Apr 26
- SUP 2: 154.01/151.91 20- and 50-day EMA values
- SUP 3: 150.81 Low Apr 5
- SUP 4: 150.27 Low Mar 21
The USDJPY trend condition remains bullish, however, today’s session has been volatile. An early rally stopped short of a resistance at 160.20, the Apr 1990 high before reversing lower. Note that the trend condition is overbought. A deeper retracement would allow the overbought set-up to unwind. Initial key support to watch lies at 154.01, the 20-day EMA. The 50-day EMA lies at 151.91.
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