USD/JPY: Fading From Y82.52 Fibonacci Level. USD suffering a fade around Y82.52 (76.4%) of Mar-Sep decline. In addition, price action is trading above the 2.00% moving average envelope, which is seldom sustained. Whilst an intra-day correction can’t be ruled out, the m/t outlook remains constructive as the daily studies continue to remain well below historic o/bought level.
RES 4: Y84.18 High 15 Mar
RES 3: Y83.30 High 2 Apr
RES 2: Y82.94 High 4 Apr
RES 1: Y82.52 76.4% of Mar-Sep decline
LATEST PRICE: Y82.40
SUP 1: Y81.46/61 High 15 Nov, 5-day moving average
SUP 2: Y80.68 High 2 Nov
SUP 3: Y80.30/58 21-day moving average, Kijun Line
SUP 4: Y79.79 200-day moving average
EasyForexNews Research Team