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Corrective Pullback

  • RES 4: 106.62 Bear channel resistance drawn off the Mar 24 high
  • RES 3: 106.55 High Sep 3
  • RES 2: 106.11/38 High Oct 7 and the bull trigger / High Sep 8
  • RES 1: 105.85 High Oct 12
  • PRICE: 105.33 @ 17:43 BST Oct 12
  • SUP 1: 105.28 Low Oct 5
  • SUP 2: 104.94 Low Oct 2 and key near-term support
  • SUP 3: 104.41 Low Sep 22
  • SUP 4: 104.00 Low Sep 21 and the bear trigger

USDJPY has started this week on a softer note having found resistance last week at 106.11, Oct 7 low. Short-term weakness however is considered a correction following last week's climb. Furthermore, intraday momentum studies continue to highlight a bullish backdrop. Key support lies at 104.94, Oct 2 low with initial support at 105.24, Oct 12low. The bull trigger is at 106.11. A break would confirm a resumption of the recent uptrend.

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