FOREX: USDJPY Sinks Post-Fed, Technical Outlook Remain Bearish

• In a long post on reciprocal tariffs (via x.com) President Trump has said the following:
• "On Trade, I have decided, for purposes of Fairness, that I will charge a RECIPROCAL Tariff meaning, whatever Countries charge the United States of America, we will charge them - No more, no less!"
• "I have instructed my Secretary of State, Secretary of Commerce, Secretary of the Treasury, and United States Trade Representative (USTR) to do all work necessary to deliver RECIPROCITY to our System of Trade!"
• Full link here: https://x.com/realDonaldTrump/status/1891572283161944433

• RES 4: 158.87 High Jan 10 and a bull trigger   
• RES 3: 156.75 High Jan 23 
• RES 2: 155.89 High Feb 3 
• RES 1: 154.36/80 50-day EMA and a pivot resistance / High Feb 12       
• PRICE: 151.40 @ 16:15 GMT Feb 17
• SUP 1: 150.93 Low Feb 07 and a bear trigger 
• SUP 2: 149.69 Low Dec 9 
• SUP 3: 148.65 Low Dec 3 ‘24 and a key support 
• SUP 4: 148.01 Low Oct 9 ‘24     

USDJPY has pulled back from last week’s high. The latest move down highlights that - for now - resistance around the 50-day EMA, remains intact. The average is at 154.36. A clear break of the 50-day average is required to highlight a stronger bullish reversal. This would open 155.89, the Feb 3 high. Key support and the bear trigger is unchanged at 150.93, the Feb 7 low. Clearance of this level would resume the bear cycle that started on Jan 10.         

• RES 4: 0.8474 High Jan 20 and a key resistance    
• RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg  
• RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg  
• RES 1: 0.8378 High Jan 6   
• PRICE: 0.8312 @ 16:12 GMT Feb 17 
• SUP 1: 0.8297/8248 Low Feb 4 / 3 and a bear trigger
• SUP 2: 0.8223 Low Dec 19 and a key support  
• SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range   
• SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg 

EURGBP continues to trade in a range. The early February bounce still appears to have undermined a recent bearish threat. Attention is on 0.8378, the Jan 6 high and a key short-term pivot resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a resumption of weakness would once again refocus attention on 0.8248, the Feb 3 low and bear trigger.