Free Trial

Bull Cycle Still In Play

USDJPY TECHS
  • RES 4: 137.38 High Mar 9
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 1: 135.13 High Apr 19
  • PRICE: 134.80 @ 06:32 BST Apr 20
  • SUP 1: 133.23 20-day EMA
  • SUP 2: 132.02 Low Apr 13
  • SUP 3: 131.53 Low Feb 2
  • SUP 4: 130.64 Low Apr 5 and a key support

The current short-term uptrend in USDJPY remains intact and the pair traded higher Wednesday. Resistance at 134.75, 61.8% of the Mar 8 - 24 bear leg, has been breached. This strengthens the current bullish theme and signals scope for an extension towards 135.96 next, the 76.4% retracement. On the downside, initial firm support lies at 133.23, the 20-day EMA. Key short-term support is at 132.02, the Apr 13 low. A break of this level would be bearish.

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.