Free Trial

Bearish Reversal

  • RES 4: 137.51 Former channel support drawn from the Mar 4 low
  • RES 3: 136.58 High Jul 28
  • RES 2: 135.96 61.8% retracement of the Jul 14 - Aug 2 downleg
  • RES 1: 135.58 High Aug 8
  • PRICE: 132.81 @ 16:27 BST Aug 11
  • SUP 1: 131.74 Low Aug 11
  • SUP 2: 130.41/130.00 Low Aug 2 / Round number support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.64 Low Jun 1

USDJPY traded sharply lower before stabilising on Thursday. This signals a possible reversal of the recent correction between Aug 2 - 8. A bearish theme remains in place following the Jul 28 bull channel breakout. The channel is drawn from the Mar 4 low and the break signalled a reversal. A continuation lower would expose 130.41, the Aug 2 low and the bear trigger. Firm resistance has been defined at 135.58, the Aug 8 high.

MNI London Bureau | +44 203-865-3809 |

To read the full story



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.