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SOUTH KOREA

BoK Growth Forecast Could Be At Risk

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  • RES 4: 111.71 High Mar 24 and a key resistance
  • RES 3: 111.30 High Mar 26, 2020
  • RES 2: 110.97 High Mar 31 and the bull trigger
  • RES 1: 110.96 1.0% 10-dma envelope
  • PRICE: 110.20 @ 17:19 BST Jun 21
  • SUP 1: 109.72 Low June 21
  • SUP 2: 109.24/19 50-day EMA / Low Jun 7
  • SUP 3: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 4: 107.48 Low Apr 23 and the bear trigger

USDJPY traded higher last week but found resistance at 110.82, Jun 17 high and remains below this resistance. The recent break of 110.33, Jun 4 high is a bullish development and confirmed a resumption of the uptrend since Apr 23. Attention is on 110.96, 1.0% 10-dma envelope and key resistance at 110.97, the year high print on Mar 31. A break would confirm a resumption of the broader uptrend. Key trend support lies at 109.19, Jun 7 low.