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Approaching Resistance

USDJPY TECHS
  • RES 4: 111.66 High Jul 2 and a bull trigger
  • RES 3: 111.19 High Jul 5
  • RES 2: 110.80 High Aug 11 and a key resistance
  • RES 1: 110.45/46 High Sep 8 / High Aug 13
  • PRICE: 110.45 @ 06:28 BST Sep 24
  • SUP 1: 109.82/11 20-day EMA / Low Aug 16 / Sep 15
  • SUP 2: 108.72 Low Aug 04 and the bear trigger
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.47 76.4% of the Apr 23 - Jul 2 rally

USDJPY is firmer and is holding onto the strong reversal from Wednesday's low. The pair is testing resistance at 110.45/46, the Sep 8 and Aug 9 high respectively. A break of this hurdle would strengthen a bullish case and expose a firmer resistance at 110.80, Aug 11 high. Clearance of 110.80 would signal scope for a stronger recovery near-term. Key short-term support is unchanged at 109.11, Aug 16 / Sep 15.

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