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Bearish Pressure Returns

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: 109.86 @ 06:23 BST Jul 15
  • SUP 1: 109.53 Low Jul 8 and the bear trigger
  • 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 failed to hold onto yesterday's high and tackle resistance at 110.82, Jul 7 high. The reversal lower suggests the recent 3-day recovery has been a correction and is over. If correct, additional near-term weakness would expose support at 109.53, Jul 8 low and the short-term bear trigger. A break would open 109.19, Jun 7 low. Clearance of 110.70, Wednesday's intraday high and 110.82 is required to reinstate a bullish theme.

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