USDJPY TECHS: Oversold But Remains In A Bear-Mode Condition
- RES 4: 155.89 High Feb 3
- RES 3: 154.83 50-day EMA
- RES 2: 153.72 Low Jan 27
- RES 1: 152.89 High Jan 6
- PRICE: 151.87@ 07:04 GMT Feb 7
- SUP 1: 150.96 Intraday low
- SUP 2: 149.69 Low Dec 9
- SUP 3: 148.65 Low Dec 3 ‘24 and a key support
- SUP 4: 148.01 Low Oct 9 ‘24
A bearish theme in USDJPY remains intact and this week’s move down reinforces current conditions. The sell-off expands the downside range, however, note that the pair has entered oversold territory. 151.06, 76.4% of the Dec 3 - Jan 10 bull leg, has been pierced. A clear break of it would open 149.69, the Dec 9 low. Firm resistance is seen at 154.83, the 50-day EMA. Gains would allow the oversold condition to unwind.
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MNI: GERMANY NOV FACTORY ORDERS -5.4% M/M
- MNI: GERMANY NOV FACTORY ORDERS -5.4% M/M
MNI: SWEDEN FLASH DEC CPIF +1.5% Y/Y
- MNI: SWEDEN FLASH DEC CPIF +1.5% Y/Y
USDJPY TECHS: Bulls Remain In The Driver’s Seat
- RES 4: 160.00 Round number resistance
- RES 3: 159.45 High Jul 12
- RES 2: 159.26 0.618 proj of the Sep 16 - Nov 15 - Dec 3 price swing
- RES 1: 158.42 High Jan 7
- PRICE: 158.04 @ 06:55 GMT Jan 8
- SUP 1: 156.24 20-day EMA
- SUP 2: 154.44 Low Dec 19
- SUP 3: 154.16 50-day EMA
- SUP 4: 153.16 Low Dec 17
USDJPY bulls remain in the driver’s seat and the pair is trading at its recent highs. Tuesday’s fresh cycle high reinforces current bullish conditions. The recent breach of 156.75, the Nov 15 high, confirmed a resumption of the uptrend and this has paved the way for a move towards 159.45, the Jul 12 high. Moving average studies are in a bull-mode position highlighting a dominant uptrend. Initial firm support is 156.24, the 20-day EMA.
