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Bulls Still In Charge

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: 109.13 @ 06:17 GMT Mar 17
  • SUP 1: 108.34 Low Mar 10 and key near-term support
  • SUP 2: 107.82 Low Mar 5
  • SUP 3: 107.50 20-day EMA
  • SUP 4: 106.97 Low Mar 4

USDJPY is holding onto recent gains. Trend conditions are bullish and Monday's break to a fresh trend high confirms a resumption of the uptrend. Attention is on 109.56, a key retracement level. 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 alter the short-term outlook.

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