USDJPY TECHS: Monitoring Resistance
* RES 4: 159.45 High Jan 14 and the bull trigger * RES 3: 157.76 High Feb 9 * RES 2: 155.84 50-day E...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
USDJPY TECHS: Bullish Trend Sequence
- RES 4: 159.45 High Jul 12 ‘24
- RES 3: 158.87 High Jan 10 ‘25 and a key resistance
- RES 2: 158.29 2.618 projection of the Sep 17 - 26 - Oct 1 price swing
- RES 1: 158.20 High Jan 12
- PRICE: 158.15 @ 17:25 GMT Jan 12
- SUP 1: 156.50/155.35 20- and 50-day EMA values
- SUP 2: 154.35 Low Dec 5 and a bear trigger
- SUP 3: 153.62 Low Nov 14
- SUP 4: 152.82 Low Nov 7
Friday’s climb in USDJPY reinforces the current bullish theme. The pair traded to a fresh trend high, confirming a resumption of the uptrend. This maintains the bullish price sequence of higher highs and higher lows. Sights are on 158.29, a Fibonacci projection. Note that moving average studies are in a bull-mode position, highlighting a dominant medium-term uptrend. Support to watch lies at 155.35, the 50-day EMA.
LOOK AHEAD: Tuesday Data Calendar: ADP Wkly, CPI, New Home Sales, 30Y Re-Open
- US Data/Speaker Calendar (prior, estimate). All times ET
- 01/13 0600 NFIB Small Business Optimism (99.0, 99.4)
- 01/13 0815 ADP Weekly NER Pulse
- 01/13 0830 CPI MoM (0.3 est), YoY (2.7%, 2.7%)
- 01/13 0830 Core CPI MoM (0.3% est), YoY (2.6%, 2.7%)
- 01/13 0855 Redbook Retail Sales Index
- 01/13 1000 New Home Sales (715k est), MoM (-10.6% est)
- 01/13 1000 StL Fed Musalem outlook, Q&A event hosted by MNI
- 01/13 1130 US Tsy $75B 6W bill auction
- 01/13 1300 US Tsy $22B 30Y Bond auction re-open (912810UP1)
- 01/13 1400 Treasury Budget
- 01/13 1600 Richmond Fed Tom Barkin moderated discussion
- Source: Bloomberg Finance L.P. / MNI
EURGBP TECHS: Bear Threat Remains Present
- RES 4: 0.8797 High Dec 17
- RES 3: 0.8774 High Dec 19
- RES 2: 0.8732 50-day EMA
- RES 1: 0.8703 Low Dec 30
- PRICE: 0.8670 @ 16:32 GMT Jan 12
- SUP 1: 0.8644 Low Jan 6
- SUP 2: 0.8633 Low Sep 15
- SUP 3: 0.8620 38.2% retracement of the Dec ‘24 - Nov ‘25 bull cycle
- SUP 4: 0.8597 Low Aug 14
A sharp sell-off in EURGBP early last week confirms a resumption of the current bear cycle. Note that moving average studies are in a bear-mode position, highlighting a dominant downtrend. Scope is seen for a move towards 0.8620, a Fibonacci retracement point. On the upside, resistance to watch is 0.8732 the 50-day EMA. A break of this average would highlight a possible reversal.
