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Consolidating At Recent Highs

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: 108.90 @ 17:04 GMT Mar 19
  • SUP 1: 108.34 Low Mar 10 and key near-term support
  • SUP 2: 107.82 Low Mar 5
  • SUP 3: 107.75 20-day EMA
  • SUP 4: 106.97 Low Mar 4

USDJPY is unchanged and the pair continues to trade closer to recent highs. Trend conditions remain bullish. The focus is on 109.56, a key retracement where a break would reinforce current sentiment. Momentum studies are still overbought, however this is not having an impact on the trend and instead, continues to reinforce the current bullish mood. Support to watch is at 108.34, Mar 10 low. A break would signal a possible top and the start of a correction.

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