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USDJPY TECHS
  • RES 4: 111.30 High Mar 26, 2020
  • RES 3: 110.97 High Mar 31 and the bull trigger
  • RES 2: 110.55 High Apr 6
  • RES 1: 110.33 High Jun 4
  • PRICE: 109.62 @ 16:58 BST Jun 9
  • SUP 1: 109.19/108.94 Low Jun 7 / 50-day EMA
  • SUP 2: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 3: 107.48 Low Apr 23 and the bear trigger
  • SUP 4: 106.97 Low Mar 4

USDJPY traded well into the Wednesday close, returning back to the week's highs, but making little progress through last Friday's NFP inspired decline. The recent move lower has resulted in a print below initial key short-term support at 109.33, Jun 1 low. The move dents the bullish theme and a deeper sell-off would expose 108.56, May 25 low. A recovery would instead refocus attention on 110.33 where a break would resume the uptrend and open this year's 110.97 high from Mar 31 high.

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