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Holding Onto Gains

USDJPY TECHS
  • RES 4: 109.85 High Jun 5, 2020
  • RES 3: 109.56 61.8% retracement of the Mar 2020 - Jan downleg
  • RES 2: 109.00 Round number resistance
  • RES 1: 108.64 High Mar 5
  • PRICE: 108.39 @ 06:14 GMT Mar 8
  • SUP 1: 107.82 Low Mar 5
  • SUP 2: 106.97 Low Mar 4
  • SUP 3: 106.68 Low Mar 2 and 3
  • SUP 4: 106.22 High Feb 17 and recent breakout level

The USDJPY outlook remains bullish as the pair continues to climb and the trend is accelerating. Momentum studies are in overbought territory however this is not having an impact and instead reinforces the underlying bullish sentiment. 108.00 has been cleared together with a number of resistance levels just above 108.00. The focus is on 109.00 and 109.70. The latter is the Jun 8 2020 high. Initial support is Friday's intraday low of 107.82.

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