USDJPY TECHS: Bear Cycle Remains In Play

• RES 4: 157.86 High Jul 19  
• RES 3: 156.88 2.236 proj of the Sep 16 - 27 - 30 price swing 
• RES 2: 155.89/156.75 High Nov 20 / 15 and the bull trigger 
• RES 1: 151.33/152.30 50- and 20-day EMA values
• PRICE: 150.18 @ 17:04 GMT Dec 04 
• SUP 1: 148.65 Low Dec 03
• SUP 2: 148.17 50.0% retracement of the Sep 16 - Nov 15 bull leg 
• SUP 3: 147.80 3.0% 10-dma envelope
• SUP 4: 147.35 Low Oct 8 

USDJPY traded to a fresh short-term cycle low yesterday, confirming a resumption of the current bear cycle and retracement of the Sep 16 - Nov 15 rally. The pair has recently traded through the 20- and 50-day EMAs - a bearish development. Sights are on 148.17, a Fibonacci retracement. A reversal higher would refocus attention on the bull trigger at 156.75, the Nov 15 high. Initial firm resistance is 152.30, the 20-day EMA.