Free Trial

Breaks Trendline Support

USDJPY TECHS
  • RES 4: 110.97 High Mar 31 and the bull trigger
  • RES 3: 110.55 High Apr 6
  • RES 2: 109.96 High Apr 9
  • RES 1: 108.84 20-day EMA
  • PRICE: 107.65 @ 14:43 BST Apr 23
  • SUP 1: 107.48 Intraday low
  • SUP 2: 106.97 Low Mar 4
  • SUP 3: 106.78 50.0% retracement of the Jan - Mar rally
  • SUP 4: 106.37 Low Mar 1

USDJPY weakness has extended once again today and the pair has traded through a pivot support at 107.77, the trendline drawn off the Jan 6 low. The break strengthens the current bearish case and although the pullback is still considered a correction, further downside is likely near-term. Price is also through the 38.2% retracement of the Jan - Mar rally, this opens 106.78, the 50.0% level. Resistance is at 108.84, the 20-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.