USDJPY TECHS: Bearish Theme Remains In Play
- RES 4: 154.80 High Dec 12 ‘24 and a key resistance
- RES 3: 153.37 50-day EMA
- RES 2: 152.03 20-day EMA
- RES 1: 150.74 High Feb 21
- PRICE: 149.36 @ 16:20 GMT Feb 26
- SUP 1: 148.57 Low Feb 25
- SUP 2: 148.20 2.0% 10-dma envelope
- SUP 3: 148.01 Low Oct 9 ‘24
- SUP 4: 146.95 61.8% retracement of the Sep 16 ‘24 - Jan 10 bull leg
While prices have stabilised, bearish conditions in USDJPY remain in place and the pair is trading at its recent lows. A push lower on Tuesday resulted in a print below key support at 148.65, the Dec 3 ‘24 low, to strengthen the bearish condition. A clear break of this level would pave the way for an extension towards 146.95, a Fibonacci retracement. On the upside, initial firm resistance to watch is 152.03, the 20-day EMA.
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