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Corrective Pullback

USDJPY TECHS
  • RES 4: 111.30 High Mar 26, 2020
  • RES 3: 110.97 High Mar 31 and the bull trigger
  • RES 2: 110.55 High Apr 6
  • RES 1: 110.20 High May 28
  • PRICE: 109.71 @ 06:45 BST May 31
  • SUP 1: 109.04 High May 27
  • SUP 2: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 3: 107.48 Low Apr 23 and the bear trigger
  • SUP 4: 106.97 Low Mar 4

The USDJPY outlook remains bullish and the move lower from Friday's high is considered corrective. The break higher last week confirmed a resumption of the recovery that started Apr 23. The pair probed 110.15, a Fibonacci retracement. This turns the focus to this year's high print of 110.97 from Mar 31. A break would confirm a resumption of this year's uptrend. Key short-term support has been defined at 108.56, Low May 25.

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