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Corrective Pullback

USDJPY TECHS
  • 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: 110.97 High Mar 31
  • PRICE: 109.85 @ 17:12 GMT Apr 6
  • SUP 1: 109.67 Low Apr 6
  • SUP 2: 109.27 20-day EMA
  • SUP 3: 108.41 Low Mar 23 and key support
  • SUP 4: 107.82 Low Mar 5

USDJPY has pulled back from recent highs, with prices solidifying a move below 110.00 Tuesday. The outlook though remains bullish following the recent trend extension and breach of a number of important short-term resistance levels. Attention is on a climb towards 111.30 next, Mar 26, 2020 high. Note that overbought conditions are still not impacting this trend and instead this continues to reinforce current sentiment. 108.41 is key support.

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

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