Free Trial

Bounce Extends

USDJPY TECHS
  • RES 4: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 3: 151.43 High Nov 16
  • RES 2: 150.89 High Feb 13 and bull trigger
  • RES 1: 149.33/08 Intraday high / High Mar 6
  • PRICE: 149.18 @ 06:39 GMT Mar 18
  • SUP 1: 147.44 Low Mar 14
  • SUP 2: 146.49 Low Mar 08 / 11
  • SUP 3: 145.90 Low Feb 1 and key support
  • SUP 4: 145.57 50.0% retracement of the Dec 28 - Feb 13 bull cycle

USDJPY is trading higher today as the pair extends the bounce from 146.49, the Mar 8 / 11 low. The recovery appears to be a correction and a bear threat remains present following the recent sharp sell-off. A resumption of weakness would signal scope for a move towards 145.90, the Feb 1 low and a key support. A continuation higher would instead signal scope for gains towards 150.08, the Mar 6 high, ahead of the 150.89 key resistance, Feb 13 high.

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.