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Watching The 50-Day EMA

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.34/35 High Feb 10 / High Jan 4 and the bull trigger
  • RES 1: 115.87 High Feb 15
  • PRICE: 114.96 @ 06:29 GMT Feb 21
  • SUP 1: 114.74 50-day EMA
  • SUP 2: 114.16 Low Feb 02
  • SUP 3: 113.47 Low Jan 24 and key support
  • SUP 4: 113.14 Low Dec 17

USDJPY continues to trade closer to last week’s lows. The previous bullish outlook has faded for now and price is approaching the 50-day EMA at 114.74. This average represents an important short-term support and a clear break would expose 114.16, the Feb 2 low. A resumption of strength would refocus attention on the 116.34/35 key resistance where a break would highlight a continuation of the medium-term uptrend.

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