Free Trial

Bear Channel Resistance Cracks

USDJPY TECHS
  • RES 4: 105.16 High Nov 13
  • RES 3: 104.95 76.4% retracement of the Nov 11 - Jan 6 downleg
  • RES 2: 104.76/78 High Nov 24 / 1.0% 10-dma envelope
  • RES 1: 104.20/104.40 High Jan 27 / High Jan 11
  • PRICE: 104.19 @ 20:30 GMT Jan 27
  • SUP 1: 103.33 Low Jan 21
  • SUP 2: 103.28/02 61.8% and 76.4 % of the Jan 6 - 11 rally
  • SUP 3: 102.59 Low Jan 6 and the bear trigger
  • SUP 4: 102.02 Low Mar 10

USDJPY traded well Wednesday, placing the bear channel resistance under considerable pressure. This opens a move toward 104.40, the Jan 11 high, a rise above which would signal a reversal of the trend. To the downside, fresh weakness would expose 103.28 and 103.02, Fibonacci retracements. Clearance of 103.95 and 104.40, Jan 11 high would reverse the trend.

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.