Free Trial

Bear Cycle Extends

USDJPY TECHS
  • RES 4: 136.99 High Mar 10
  • RES 3: 135.11 High Mar 15
  • RES 2: 133.00/133.43 High Mar 22 / 20-day EMA
  • RES 1: 131.66 High Mar 23
  • PRICE: 130.23 @ 06:32 GMT Mar 24
  • SUP 1: 129.75 76.4% retracement of the Jan 16 - Mar 8 rally
  • SUP 2: 129.12 High Feb 2
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

The USDJPY downtrend remains intact and the pair has traded lower again today, reinforcing current conditions. The continuation lower maintains the current bearish price sequence of lower lows and lower highs. This has exposed 129.75, the 76.4% retracement of the Jan 16 - Mar 8 rally. Firm resistance is seen at the 20-day EMA. The average intersects at 133.43 where a break is required to ease bearish pressure.

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.