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Bear Trigger Hit

USDJPY TECHS
  • RES 4: 112.23 High Feb 20, 2020 and a key resistance
  • RES 3: 111.71 High Mar 24, 2020
  • RES 2: 111.66 High Jul 2 and the bull trigger
  • RES 1: 110.70/82 High Jul 14/ High Jul 7
  • PRICE: 109.42 @ 17:16 BST Jul 19
  • SUP 1: 109.07 Low Jul 19
  • SUP 2: 109.19 Low Jun 7 and a key near-term support
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.34 Low May 7

USDJPY came under heavy selling pressure Monday, prompting the pair to slip through near-term support at the 109.53 level, marking a bear trigger. Clearance here opens losses toward the May 25 low of 108.56 as well as the early May low of 108.34. Those looking for a short-term bounce will need to secure the 110.70 Jul 14 high before the outlook begins to look more stable.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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