USDJPY TECHS: Has Traded Through The 50-Day EMA
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 151.21 High Mar 28
- RES 2: 150.92 High Aug 1 and a key resistance
- RES 1: 148.84/149.96 High Sep 30 / 26 and the bull trigger
- PRICE: 147.41 @ 16:33 BST Oct 2
- SUP 1: 146.59 Low Oct 1
- SUP 2: 146.42 Trendline support drawn from the Apr 22 low
- SUP 3: 145.49 Low Sep 17 and a pivot support
- SUP 4: 144.23 Low Jul 7
USDJPY continues to weaken as the retracement from last week’s high print extends. The move down has resulted in a clear breach of the 50-day EMA, at 147.60. This signals scope for a deeper retracement and exposes the key short-term pivot support at 145.49, the Sep 17 low. A clear break of this level would cancel a recent bull theme. On the upside a reversal higher would refocus attention on resistance at 149.69, the Sep 26 high and a bull trigger.
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USDJPY TECHS: Approaching Resistance
- RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
- RES 3: 150.92 High Aug 1 and a key resistance
- RES 2: 149.81 76.4% retracement of the Aug 1 - 14 bear leg
- RES 1: 148.79/149.12 Intraday high / 61.8% of Aug 1 - 14 bear leg
- PRICE: 148.12 @ 16:09 BST Sep 2
- SUP 1: 146.21 Low Aug 14 and bear trigger
- SUP 2: 145.86 Low Jul 24
- SUP 3: 145.40 50% retracement of the Apr - Aug upleg
- SUP 4: 145.19 Trendline drawn from the Apr 22 low
USDJPY traded higher Tuesday but for now, remains inside its range. Resistance to watch is 148.78, the Aug 22 high. It has been pierced, a clear break of it would highlight a range breakout and a stronger bullish theme. This would also undermine the recent bear threat. A breach would open 149.12, a Fibonacci retracement. The bear trigger lies at 146.21, Aug 14 low. Clearance of this level would resume a downtrend that started in August.
EURGBP TECHS: Clears Resistance
- RES 4: 0.8769 High Jul 28 and the bull trigger
- RES 3: 0.8744 High Aug 7
- RES 2: 0.8728 76.4% retracement of the Jul 28 - Aug 14 bear leg
- RES 1: 0.8709 Intraday high
- PRICE: 0.8708 @ 16:08 BST Sep 2
- SUP 1: 0.8625/8597 50-day EMA / Low Aug 14 and the bear trigger
- SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 3: 0.8540 Low Jun 30
- SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg
EURGBP traded higher Tuesday. This has resulted in a breach of resistance at 0.8674, the Aug 25 and 29 high. The break signals a stronger reversal and suggests scope for climb towards 0.8744, the Aug 7 high. Key resistance and the bull trigger is at 0.8769, the Jul 28 high. Key support to watch lies at support at 0.8597, the Aug 14 low. Clearance of this level would instead confirm a resumption of the recent bearish threat.
