USDJPY TECHS: Reversal Extends
- RES 4: 150.49 High Apr 2
- RES 3: 149.28 High Apr 3
- RES 2: 148.54/65 76.4% of Mar 28 - Apr 22 bear leg / High May 12
- RES 1: 146.16 50-day EMA
- PRICE: 143.70 @ 16:15 BST May 21
- SUP 1: 143.45/46 Low May 8 / 21
- SUP 2: 142.36 Low May 6
- SUP 3: 141.96 76.4% retracement of the Apr 22 - May 12 bull leg
- SUP 4: 139.89 Low Apr 22 and a bear trigger
USDJPY traded lower again Wednesday, extending the reversal that started May 12. The pullback signals the end of the corrective cycle since Apr 22 and marks a resumption of the downtrend. A continuation lower would expose 142.36, the May 6 low. Note that the 20-day EMA, at 145.11, has been cleared, strengthening a bearish theme. Key short-term resistance has been defined at 148.65, the May 12 high. Initial firm resistance is 146.16, 50-day EMA.
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