Free Trial

Attention Is On Key Support

USDJPY TECHS
  • RES 4: 105.71 100-dma
  • RES 3: 105.68 High Nov 11 and the bull trigger
  • RES 2: 105.16 High Nov 13
  • RES 1: 104.66 20-day EMA
  • PRICE: 104.14 @ 11:07 GMT Nov 19
  • SUP 1: 103.65 Low Nov 18
  • SUP 2: 103.18/09 Low Nov 6 / Low Mar 12 and key support
  • SUP 3: 102.02 Low Mar 10
  • SUP 4: 101.04 Bear channel base drawn off the Mar 24 low
USDJPY has this week retraced the Nov 9 rally. The outlook is bullish though based on the Nov 9 price action. In candle terms, the price pattern on this day is a bullish engulfing line signalling a potential reversal. A break of 105.68, Nov 11 high would reinforce a bullish set-up trigger stronger gains exposing the 100-dma at 105.71 and the early October highs of 106.11. Key support is at 103.18, Nov 6 low. A break would reinstate a bearish theme.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.