Free Trial

Corrective Pullback

USDJPY TECHS
  • RES 4: 148.60 2.236 projection of the Jul 14 - 21 - 28 price swing
  • RES 3: 148.40 High Nov 4 2022
  • RES 2: 147.49 2.00 projection of the Jul 14 - 21 - 28 price swing
  • RES 1: 147.37 High Aug 29 and the bull trigger
  • PRICE: 145.56 @ 06:29 BST Sep 1
  • SUP 1: 145.06 20-day EMA
  • SUP 2: 144.54 Low Aug 23
  • SUP 3: 143.22 50-day EMA
  • SUP 4: 141.52 Low Aug 7

USDJPY has pulled back from its recent highs - the move lower is considered corrective. The uptrend remains intact and this week’s fresh cycle high has reinforced bullish conditions. The focus is on 147.49, a Fibonacci projection. A break would open 148.40, the Nov 4 2022 high. Note that moving average studies remain in a bull mode condition, reflecting current positive market sentiment. The first key support to watch lies at 145.06, the 20-day EMA.

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.