Free Trial

Clears Key Short-Term Resistance

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: 142.98 Bull channel top drawn from the Jan 16 low
  • RES 1: 142.68 High Jul 31
  • PRICE: 142.17 @ 15:41 BST Jul 31
  • SUP 1: 140.70/138.07 Intraday low / Low Jul 28
  • SUP 2: 137.25 Low Jul 14 and key support
  • SUP 3: 136.31 Low May 17
  • SUP 4: 135.53 61.8% retracement of the Mar - Jun bull leg

A strong rally on Friday in USDJPY and Monday’s gains, cancels a recent bearish threat and instead has strengthened a short-term bullish condition. The pair has breached a key short-term resistance at 141.96, the Jul 21 high. This has confirmed a resumption of the bull cycle that started Jul 14 and opens 142.98, the top of a bull channel drawn from the Jan 26 low. First key support has been defined at 138.07, the Jul 28 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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.