Free Trial

Bear Threat Firms on Back of US CPI

USDJPY TECHS
  • RES 4: 139.59 50.0% retracement of the Oct - Jan bear cycle
  • RES 3: 138.17 High Dec 15
  • RES 2: 136.63/137.91 High May 3 / High Mar 8 and key resistance
  • RES 1: 135.64 50.0% retracement of the May 2 - 4 bear leg
  • PRICE: 134.55 @ 16:26 BST May 10
  • SUP 1: 134.28/133.50 Low May 10 / 5
  • SUP 2: 133.02 Low Apr 26 and a key near-term support
  • SUP 3: 132.75 61.8% retracement of the Mar 24 - May 2 bull leg
  • SUP 4: 132.02 Low Apr 13

USDJPY short-term conditions appear bearish, with the pair slipping on the back of US CPI. Recent weakness resulted in a break of the 20-day EMA and price pierced support at the 50-day EMA which intersects at 134.00. A clear breach of this EMA would undermine the recent bullish theme and signal scope for a deeper pullback. Key resistance is unchanged at 137.91, the Mar 8 high. Initial firm resistance is at 136.63, the May 3 high.

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.