Free Trial

Bearish Outlook

USDJPY TECHS
  • RES 4: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 3: 135.11 High Mar 15
  • RES 2: 134.75 61.8% retracement of the Mar 8 - 24 bear leg
  • RES 1: 134.05 High Apr 12
  • PRICE: 133.46 @ 16:00 BST Apr 14
  • SUP 1: 131.83/130.64 Low Apr 10 / 5 and a key support
  • SUP 2: 129.64 Low Mar 24 and the bear trigger
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

USDJPY remains below Wednesday's high of 134.05. The latest pullback adds to evidence that the latest recovery appeared corrective in nature and that the trend direction remains down. Moving average studies are in a bear-mode position, highlighting a downtrend. A continuation lower would open 130.64, the Apr 5 low. On the upside, clearance of 134.05 would be seen as a bullish development and expose 134.75, a Fibonacci retracement.

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

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.