USDJPY TECHS: Strong to Stronger
- RES 4: 136.67 38.2% retracement of the Oct 21 - Jan 16 bear leg
- RES 3: 136.38 3.0% Upper Bollinger Band
- RES 2: 135.31 2.0% 10-dma envelope
- RES 1: 135.10 High Feb 17
- PRICE: 134.33 @ 16:20 GMT Feb 17
- SUP 1: 129.81 Low Feb 10
- SUP 2: 128.09/127.23 Low Feb 2 / Low Jan 16 and the bear trigger
- SUP 3: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
- SUP 4: 126.36 Low May 24 and a key support
USDJPY topped the key short-term level marking the 50-day EMA on Tuesday. The break above 132.77 opened gains through 134.77, the Jan 6 high, firming the short-term outlook. Vol band resistance is layered between 135.31 and 136.38 ahead of Fib retracements at 136.67. Firm support to watch is at 128.09, the Feb 2 low. The bear trigger is at 127.23, the Jan 16 low - a break would resume the downtrend.
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USDJPY TECHS: Bounce Fades, Concluding False Break Higher
- RES 4: 135.12 50-day EMA
- RES 3: 134.77/81 High Jan 6 / 23.6% Oct - Jan downleg
- RES 2: 132.87 High Jan 11
- RES 1: 131.71 20-day EMA
- PRICE: 131.45 @ 16:47 GMT Jan 18
- SUP 1: 128.10/127.23 Intraday low / Low Jan 16 and the bear trigger
- SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
- SUP 3: 126.36 Low May 24 and a key support
- SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing
USDJPY rallied sharply following the BoJ decision, with price nearing resistance at the 20-day EMA of 131.71 before fading sharply. This keeps the primary downtrend intact, with the bounce considered corrective in nature. However, a continuation higher near-term is possible as the pair unwinds a recent oversold trend condition. A break of 131.71 would open 132.87, the Jan 11 high. Key support has been defined at 127.23, the Jan 16 low.
US: State Department Press Conference Underway Shortly
State Department Spokesperson Ned Price is shortly due to brief the press from the Department of State.
- Livestream: https://www.state.gov/todays-briefing-schedule/
- Price will update on a hectic week of diplomacy surrounding the war in Ukraine and an ongoing meeting between Secretary of State Antony Blinken and Turkish Foreign Minister Mevlut Cavusoglu.
US TSY OPTIONS: 30Y Put Spd
- 5,000 USM3 129/130 put spds, 21 ref 113-11
