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Gains Still Considered Corrective

USDJPY TECHS
  • RES 4: 137.96 High Jul 22
  • RES 3: 137.46 High Jul 27
  • RES 2: 136.91 Former channel support drawn from the Mar 4 low
  • RES 1: 135.50 High Aug 5
  • PRICE: 135.26 @ 17:25 BST Aug 5
  • SUP 1: 132.29 Low Mar 8
  • SUP 2: 130.41/130.00 Low Aug 2 / Round number support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.64 Low Jun 1

USDJPY rallied Friday, extending the recovery from 130.41, the Aug 2 low. Gains are - for now - considered corrective. A bearish theme was confirmed by the recent break lower that resulted in the breach of a number of important technical chart points. On Jul 28, a bull channel breakout, drawn from the Mar 4 low, signalled a reversal. Support at 131.50, the Jun 16 low has also been cleared. The next key resistance is 136.91, the former channel base.

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  • RES 4: 137.96 High Jul 22
  • RES 3: 137.46 High Jul 27
  • RES 2: 136.91 Former channel support drawn from the Mar 4 low
  • RES 1: 135.50 High Aug 5
  • PRICE: 135.26 @ 17:25 BST Aug 5
  • SUP 1: 132.29 Low Mar 8
  • SUP 2: 130.41/130.00 Low Aug 2 / Round number support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.64 Low Jun 1

USDJPY rallied Friday, extending the recovery from 130.41, the Aug 2 low. Gains are - for now - considered corrective. A bearish theme was confirmed by the recent break lower that resulted in the breach of a number of important technical chart points. On Jul 28, a bull channel breakout, drawn from the Mar 4 low, signalled a reversal. Support at 131.50, the Jun 16 low has also been cleared. The next key resistance is 136.91, the former channel base.