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Stocks Inch Higher, But Gains Inconsistent

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  • RES 4: 112.23 High Feb 20, 2020
  • RES 3: 111.71 High Mar 24
  • RES 2: 111.30 High Mar 26, 2020
  • RES 1: 110.55/97 High Apr 6 / High Mar 31 and the bull trigger
  • PRICE: 109.68 @ 06:16 GMT Apr 8
  • SUP 1: 109.36 20-day EMA
  • SUP 2: 109.13 Low Mar 26
  • SUP 3: 108.41 Low Mar 23 and key support
  • SUP 4: 107.81 50-day EMA

USDJPY is holding onto recent lows. The pair has pulled back from last week's highs and appears to have entered a corrective cycle as an overbought condition unwinds. Attention is on the next support area at 109.36, the 20-day EMA. A break of this average would expose 109.00 and potentially below. From a trend perspective, the outlook remains bullish. The trigger for a resumption of the trend is 110.97, Mar 31 high.