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Corrective Bearish Cycle

USDJPY TECHS
  • RES 4: 112.40 High Apr 24, 2019
  • RES 3: 112.23 High Feb 20, 2020 and a key resistance
  • RES 2: 111.71/112.01 High Mar 24, 2020 / 1.0% 10-dma envelope
  • RES 1: 111.66 High Jul 2
  • PRICE: 110.61 @ 17:04 BST Jul 7
  • SUP 1: 110.40 Low Jul 7
  • SUP 2: 109.85/72 50-day EMA / Low Jun 21
  • SUP 3: 109.19 Low Jun 7
  • SUP 4: 108.56 Low May 25

USDJPY remains weaker and continues to pull away from last week's high of 111.66. Pullbacks though are still considered corrective and a bullish trend condition dominates. The pair last week cleared 111.12, Jun 24 high and a recent bull trigger. This reinforces the bull trend and the positive price sequence of higher highs and higher lows. A resumption of gains would open 112.01, the 1.0% 10-dma envelope. A deeper sell-off would expose 109.85.

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