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Bullish Theme

USDJPY TECHS
  • RES 4: 144.20 High Jul 7
  • RES 3: 143.22 76.4% retracement of the Jun 30 - Jul 14 downleg
  • RES 2: 142.78 Bull channel top drawn from the Jan 16 low
  • RES 1: 142.08 61.8% retracement of the Jun 30 - Jul 14 downleg
  • PRICE: 140.35 @ 16:22 BST Jul 26
  • SUP 1: 139.75 Low Jul 21
  • SUP 2: 138.77 Low Jul 19
  • SUP 3: 137.25 Low Jul 14 and key support
  • SUP 4: 136.31 Low May 17

USDJPY faded further Wednesday, largely erasing the Friday rally. Nonetheless, the pair has recently traded through both the 20- and 50-day EMAs, strengthening a short-term bullish condition. Sights are on 142.08, 61.8% of the early July downleg. A break would open 143.22, the 76.4% retracement point. On the downside, key support has been defined at 137.25, the Jul 14 low. Initial support to watch lies at 139.75, the Jul 21 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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