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Corrective Cycle

USDJPY TECHS
  • RES 4: 112.23 High Feb 20, 2020 and a key resistance
  • RES 3: 111.71/111.98 High Mar 24, 2020 / 1.0% 10-dma envelope
  • RES 2: 111.66 High Jul 2
  • RES 1: 110.82 High Jul 7
  • PRICE: 110.34 @ 16:28 BST Jul 12
  • SUP 1: 109.53 Low Jul 9
  • SUP 2: 109.19 Low Jun 7 and a key near-term support
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.34 Low May 7

USDJPY traded lower last week, extending the mover lower from 111.66, Jul 2 high. The current bear leg is considered corrective. This follows the recent breach of 111.12, Jun 24 high and a previous bull trigger. The move higher reinforces the bull trend and the positive price sequence of higher highs and higher lows. A resumption of gains would refocus attention on 111.66, high Jul 2. A deeper sell-off would instead expose support at 109.19.

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