Free Trial

Bounces Ahead of Support

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.35 High Jan 4 and the bull trigger
  • RES 1: 114.69 /115.06 High Jan 26 / 18
  • PRICE: 114.55 @ 20:33 GMT Jan 26
  • SUP 1: 113.47/49 Low Jan 24/14
  • SUP 2: 113.43 76.4% of the Nov 30 - Jan 4 rally
  • SUP 3: 113.14 Low Dec 17
  • SUP 4: 112.53/111.94 Low Nov 30 / 2.0% 10-dma envelope

USDJPY recovered well through the Wednesday session thanks to a rallying greenback, boosting the pair well ahead of support at 113.47/49. The print below 113.49 earlier in the week negates a recent bullish candle pattern - a doji on Jan 14. Further weakness would open 113.43, a Fibonacci retracement and 113.14, the Dec 17 low. Key near-term resistance is at 115.06, Jan 18 high. A break of this hurdle would reinstate a bullish theme.

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.