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Eighth Consecutive Session of Higher Highs

USDJPY TECHS
  • RES 4: 108.37 2.0% 10-dma envelope
  • RES 3: 108.27 3.0% Upper Bollinger Band
  • RES 2: 108.16 High Jul 1, 2020
  • RES 1: 107.81 High Mar 4, 2021
  • PRICE: 107.73 @ 17:40 GMT Mar 4
  • SUP 1: 106.68 Low Mar 2 and 3
  • SUP 2: 106.22 High Feb 17 and recent breakout level
  • SUP 3: 105.85 Low Feb 25/26
  • SUP 4: 105.73 20-day EMA

The USDJPY outlook remains bullish with the pair holding onto recent gains and looks to close above 107.00. Last week's break of 106.22, Feb 17 high, confirmed a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. Bulls have not looked back with price also holding above trendline support drawn off the Jan 1 low. The focus is on 108.16 next, Jul 1, 2020 high. Support lies at 106.68, Mar 2/3 low.

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

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