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Bearish Cycle

USDJPY TECHS
  • RES 4: 111.30 High Mar 26, 2020
  • RES 3: 110.55/97 High Apr 6 / High Mar 31 and the bull trigger
  • RES 2: 109.96 High Apr 9
  • RES 1: 109.22 High Apr 16
  • PRICE: 108.67 @ 06:30 BST Apr 19
  • SUP 1: 108.41 Low Mar 23 and key support
  • SUP 2: 108.12 50-day EMA
  • SUP 3: 107.50 Trendline support drawn off the Jan 6 low
  • SUP 4: 106.97 Low Mar 4

USDJPY maintains a bearish short-term. Last week's move lower has paved the way for a test of support at 108.41, Mar 23 low and a key short-term level. Note too that the 50-day EMA intersects at 108.12. Clearance of this 108.41/12 zone would signal scope for a deeper sell-off ahead of 107.50, a trendline support drawn off the Jan 6 low. Initial firm resistance is unchanged at 109.96, Apr 9 high.

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