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Holding Above A Key Support Zone

  • RES 4: 106.11 High Oct 7, 2020
  • RES 3: 106.05 1.50 projection of Jan 6 / 11 / 21 swing
  • RES 2: 105.77 High Feb 5 and key resistance
  • RES 1: 105.26 High Feb 9
  • PRICE: 104.59 @ 06:15 GMT Feb 11
  • SUP 1: 104.49 20-day EMA
  • SUP 2: 104.34 Trendline support drawn off the Jan 6 low
  • SUP 3: 103.57 Former channel top drawn off the Mar 2020 high
  • SUP 4: 103.33 Low Jan 21

USDJPY remains at the lower end of this week's range following the pullback from 105.77 Feb 5 high. The move lower is likely a correction following recent bullish developments. On Jan 27, the pair cleared a bear channel resistance drawn off the Mar 2020 high and resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend from Jan 6. The support zone to watch is 104.49/34, the 20-day EMA and a trendline drawn off the Jan 6 low.

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