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Approaching Support

USDJPY TECHS
  • RES 4: 106.11 High Oct 7, 2020
  • RES 3: 106.05 1.50 projection of Jan 6 / 11 / 21 swing
  • RES 2: 105.77 High Feb 5 and key resistance
  • RES 1: 105.26 High Feb 9
  • PRICE: 104.55 @ 06:13 GMT Feb 10
  • SUP 1: 104.48 20-day EMA
  • SUP 2: 104.27 Trendline support drawn off the Jan 6 low
  • SUP 3: 103.64 Former channel top drawn off the Mar 2020 high
  • SUP 4: 103.33 Low Jan 21

USDJPY traded sharply lower yesterday extending the pullback from last week's 105.77 high. The move lower is considered a correction following recent bullish developments. On Jan 27, the pair cleared a bear channel resistance drawn off the Mar 2020 high and resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend from Jan 6. The next support is at 104.48, the 20-day EMA. A trendline support lies at 104.27.

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