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Attention Is On Trendline Support

USDJPY TECHS
  • RES 4: 110.97 High Mar 31 and the bull trigger
  • RES 3: 110.55 High Apr 6
  • RES 2: 109.96 High Apr 9
  • RES 1: 108.93 20-day EMA
  • PRICE: 107.98 @ 06:22 BST Apr 22
  • SUP 1: 107.77 38.2% retracement of the Jan - Mar rally
  • SUP 2: 107.70 Trendline support drawn off the Jan 6 low
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.78 50.0% retracement of the Jan - Mar rally

USDJPY maintains a bearish tone following this week's breach of support at 108.41, Mar 23l. The break and subsequent follow through confirms an extension of the current bearish cycle and note, the 50-day EMA at 108.13 has been breached. This exposes 107.70, trendline support drawn off the Jan 6 low and the next key hurdle for bears. Initial resistance is at 108.93, the 20-day EMA.

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