Free Trial

Bullish Focus

USDJPY TECHS
  • RES 4: 110.63 0.764 proj of Mar - Apr 2020 rally from Jan 6 low
  • RES 3: 109.85 High Jun 5, 2020
  • RES 2: 109.70 High Jun 8, 2020
  • RES 1: 109.56 61.8% retracement of the Mar 2020 - Jan downleg
  • PRICE: 108.96 @ 16:18 GMT Mar 18
  • SUP 1: 108.34 Low Mar 10 and key near-term support
  • SUP 2: 107.82 Low Mar 5
  • SUP 3: 107.63 20-day EMA
  • SUP 4: 106.97 Low Mar 4

USDJPY is still trading closer to recent highs and trend conditions remain bullish. Attention is on 109.56, a key retracement where a break would reinforce current sentiment. Momentum studies are still in overbought territory however this is not having an impact on the trend and instead, the set-up continues to reinforce the current bullish mood. Support to watch is at 108.34, Mar 10 low. A break would signal a possible top and the start of a correction.

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.