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Free AccessBullish Argument Down, But Not Out
- RES 4: 111.30 High Mar 26, 2020
- RES 3: 110.97 High Mar 31 and the bull trigger
- RES 2: 110.55 High Apr 6
- RES 1: 109.70/96 High May 3 / High Apr 9
- PRICE: 108.65 @ 18:09 BST May 7
- SUP 1: 108.34 Low May 7 low
- SUP 2: 107.48 Low Apr 23 and the bear trigger
- SUP 3: 106.97 Low Mar 4
- SUP 4: 106.78 50.0% retracement of the Jan - Mar rally
USDJPY fell sharply post-payrolls, taking out trendline support at 108.44. This counters the bullish outlook, and a break and close through the Apr 23 low at 107.48 is needed to switch the narrative. To the upside, bulls take confidence from the recent recovery off 107.48, Apr 23 low, with MA studies also suggesting further gains. Attention is on 109.96, Apr 9 high.
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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.