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Will USD/JPY Continue its Bearish Pullback?

October 1, 2021

  • USD/JPY started to climb after testing support near 109.10.
  • Bearish trend line broken near 109.90. 

The US Dollar, Japanese Yen pair turned bullish after testing support at 109.12 on September 21st. USD/JPY broke multiple resistance levels, trading above112.00 before correcting lower. 

USD/JPY 4-Hour Chart (Trend: BEARISH)

On the 4-hours chart, the quote broke above a key bearish trend line at 109.90, and both the 100-MA (red) and 200-MA (blue). Momentum then took the quote higher, breaking both the 110.40 and 111.40 resistance levels with ease. The pair even traded as high as 112.07 before correcting.

If the bearish correction continues, the first support level the quote will need to test is near 111.00. A break of support here could take the quote down to the 50% Fibonacci retracement level of the upward move from the swing low of 109.12 to swing high of 112.07. A break below this level could see the quote retest the 110.40 support level and the 100-MA (red) and 200-MA (blue). Beyond this there is further support near 109.10

In contrast, if support holds at 111.00 and the 38.2% Fibonacci retracement level (of the 109.12 low to the 112.07 high), the quote could retest the 111.40 resistance level. A break of resistance here could see the pair climb back to the recent high of 112.10 and the 113.00 resistance level.

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