© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI China Daily Summary: Wednesday, March 29

MNI BRIEF: Austria Inflation To Outstrip Euro Average Into 2025

MNI BRIEF: China To Limit Coal, Build New Power Network - NDRC

MNI: US MBA: MARKET COMPOSITE +2.9% SA THRU MAR 24 WK

US MBA: REFIS +5% SA; PURCH INDEX +2% SA THRU MARCH 24 WK

EZ/UK T-Bill Calendar: 1/3/6-month UKTB auction on Friday

MNI INTERVIEW: Canada Budget Keeps BOC On Pause: Ex Official

MNI BRIEF: FDIC To Conduct Review Of Deposit Insurance

MNI BRIEF: Fed's Barr: Will Use All Tools To Keep Banks Safe

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

Bearish Trend Intact, Despite Rally

USDJPY TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 134.77 High Jan 6
  • RES 3: 133.03 50-day EMA
  • RES 2: 132.87 High Jan 11
  • RES 1: 131.58 High Jan 18 and a bull trigger
  • PRICE: 130.87 @ 16:22 GMT Feb 3
  • SUP 1: 128.09/127.23 Low Feb 2 / Low Jan 16 and the bear trigger
  • SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 126.36 Low May 24 and a key support
  • SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing

USDJPY rallied into the Friday close, however the upmove appears corrective for now. The trend outlook is bearish and key short-term resistance at 131.58, the Jan 18 high, remains intact. A continuation lower and a break of 127.23, the Jan 16 low and bear trigger, would open 126.81, a Fibonacci projection. For bulls, clearance of 131.58 would be a positive development and signal a short-term reversal.

152 words

To read the full story

Why Subscribe to

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.
  • RES 4: 134.77 High Jan 6
  • RES 3: 133.03 50-day EMA
  • RES 2: 132.87 High Jan 11
  • RES 1: 131.58 High Jan 18 and a bull trigger
  • PRICE: 130.87 @ 16:22 GMT Feb 3
  • SUP 1: 128.09/127.23 Low Feb 2 / Low Jan 16 and the bear trigger
  • SUP 2: 126.81 1.382 proj of the Oct 31 - Nov 15 - 21 price swing
  • SUP 3: 126.36 Low May 24 and a key support
  • SUP 4: 125.49 1.50 proj of the Oct 31 - Nov 15 - 21 price swing

USDJPY rallied into the Friday close, however the upmove appears corrective for now. The trend outlook is bearish and key short-term resistance at 131.58, the Jan 18 high, remains intact. A continuation lower and a break of 127.23, the Jan 16 low and bear trigger, would open 126.81, a Fibonacci projection. For bulls, clearance of 131.58 would be a positive development and signal a short-term reversal.