Free Trial

Bearish Focus Despite Bounce

USDJPY TECHS
  • 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.

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.