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Consolidation Mode

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: 108.48 @ 06:20 GMT Mar 24
  • SUP 1: 108.34 Low Mar 10 and key near-term support
  • SUP 2: 108.01 20-day EMA
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.60 50-day EMA

USDJPY remains in a consolidation mode with trend conditions still bullish. Attention is on 109.56, a key retracement where a break would reinforce bullish sentiment. Momentum studies remain overbought however this condition is not having an impact on the trend and instead, the set-up 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.

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