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Bearish Focus Despite Bounce

  • RES 4: 111.71 High Mar 24, 2020
  • RES 3: 111.66 High Jul 2 and the bull trigger
  • RES 2: 110.70/82 High Jul 14/ High Jul 7
  • RES 1: 110.39 High Jul 21
  • PRICE: 110.14 @ 06:24 BST Jul 22
  • SUP 1: 109.07 Low Jul 19
  • SUP 2: 108.56 Low May 25
  • SUP 3: 108.47/34 76.4% of the Apr 23 - Jul 2 rally / Low May 7
  • SUP 4: 108.08 Low Apr 27

USDJPY gains are considered corrective and the pair remains vulnerable. This follows Tuesday's low print of 109.07 following a break of support at 109.53, Jul 8 low. The move lower resumes the reversal that occurred early July and paves the way for an extension lower. Note that support at 109.19 has also been breached, Jun 7 low. The focus is on 108.47, a Fibonacci retracement. Firm resistance has been defined at 110.70, Jul 14 high.

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