Free Trial

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: 109.61 @ 14:31 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.