Free Trial

Channel Top Intact

USDJPY TECHS
  • RES 4: 105.16 High Nov 13
  • RES 3: 104.95 76.4% retracement of the Nov 11 - Jan 6 downleg
  • RES 2: 104.76/88 High Nov 24 / 1.0% 10-dma envelope
  • RES 1: 104.06/40 Channel top drawn off Mar 24 high / High Jan 11
  • PRICE: 103.62 @ 06:31 GMT Jan 22
  • SUP 1: 103.33 Low Jan 21
  • SUP 2: 103.28/02 61.8% and 76.4 % of the Jan 6 - 11 rally
  • SUP 3: 102.59 Low Jan 6 and the bear trigger
  • SUP 4: 102.02 Low Mar 10

USDJPY traded lower again yesterday but did bounce off the day low. Recent attention has been on 104.06, the bear channel top drawn off the Mar 24 high. The channel has contained recent gains and following a failure to break higher, USDJPY has pulled away from recent highs. Support at 103.53, Jan 13 low has been breached opening 103.28 and 103.02, Fibonacci retracements. Clearance of 104.06 and 104.40, Jan 11 high would reverse the trend.

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.