Free Trial

Bounce Considered Corrective

USDJPY TECHS
  • RES 4: 137.46 High Jul 27
  • RES 3: 136.30 Former channel support drawn from the Mar 4 low
  • RES 2: 135.48 20-day EMA
  • RES 1: 134.08 50-Day EMA
  • PRICE: 133.05 @ 06:49 BST Aug 3
  • SUP 1: 130.41/130.00 Low Aug 2 / Round number support
  • SUP 2: 129.51 Low Jun 2
  • SUP 3: 128.64 Low Jun 1
  • SUP 4: 127.53 Low May 31

USDJPY recovered losses into the Tuesday close, having found support at 130.41. Gains are considered corrective - for now. Recent weakness has resulted in the break of a number of important technical chart points. A bull channel breakout - drawn from the Mar 4 low - signals a short-term reversal. Support at 131.50, Jun 16 low has also been cleared. A resumption of weakness would open 130.00. Initial resistance is at 134.08, the 50-day EMA

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.