Free Trial

Bulls Pause For Breath

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: 109.36/56 High MAr 15 / 76.4% of Mar 2020 - Jan downleg
  • PRICE: 108.74 @ 16:27 GMT Mar 22
  • SUP 1: 108.34 Low Mar 10 and key near-term support
  • SUP 2: 107.95 20-day EMA
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.52 50-day EMA

USDJPY is consolidating and trend conditions remain bullish. The focus is on 109.56, a key retracement where a break would reinforce bullish sentiment. Momentum studies are still overbought and this is being monitored. The condition is not having an impact on the trend though and instead, continues to reinforce the current bullish theme. Support to watch is at 108.34, Mar 10 low. A break would signal a possible top and 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.