USDJPY TECHS: Testing Support

• "IRAN DENIES REPORTS OF US-IRAN TALKS, CALLS THEM MARKET MANAGEMENT - FARS"
• Crude bouncing a little, Tsys dip but still off lows (TYZ6 104-22.5 (-5) vs. 104-17 low).
• Equities ignoring at the moment - still bid.

• RES 4: 162.00 Round number resistance
• RES 3: 161.37 76.4% retracement of the Jul 23 - Sep 8 bear leg
• RES 2: 160.39 High Sep 2
• RES 1: 159.04/75 High Sep 24 / 61.8% of Jul 23 - Sep 8 bear leg
• PRICE: 157.35 @ 16:41 BST Sep 25
• SUP 1: 157.02/156.94 20-day EMA / Intraday low  
• SUP 2: 154.86 Low Sep 16 
• SUP 3: 152.89 Low Sep 8 and the bear trigger
• SUP 4: 152.10 Low Jan 27

A bull cycle in USDJPY remains in play - for now - despite today’s pullback. The first important support to monitor lies at 157.02, the 20-day EMA. It has today been pierced. A clear break of this average would undermine the recent bull leg and a close today, closer to the session low would strengthen a possible reversal threat. For bulls, key short-term resistance has been defined at 159.04, Thursday’s high. A break would be bullish.     

• RES 4: 0.8694 High Jun 22 
• RES 3: 0.8652 High Jun 26 
• RES 2: 0.8635 76.4% retracement of the Jun 22 - Jul 15 bear leg
• RES 1: 0.8611 High Sep 14 / 17 and a bull trigger 
• PRICE: 0.8607 @ 16:40 BST Sep 25
• SUP 1: 0.8577/8553 50-day EMA / Low Sep 14 and 15 
• SUP 2: 0.8532 Low Aug 12 and key S/T support  
• SUP 3: 0.8518/8455 Low Jul 22 / 15 and the bear trigger
• SUP 4: 0.8443 2.236 projection of the May 18 - 25 - Jun 22 swing  

EURGBP is firmer. Attention is on 0.8611, the Sep 11 high and a key short-term resistance. A clear break of this hurdle would confirm a resumption of the corrective bull phase that has been in place since mid-July. This would open 0.8635, a Fibonacci retracement point. Initial key support to watch is 0.8553, the Sep 14 and 15 low. A break of this level would signal a possible reversal of the bull leg.