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Holding Onto Recent Gains

USDJPY TECHS
  • RES 4: 106.05 1.50 proj of the Jan 6 - 11 rally from the Jan 21 low
  • RES 3: 105.68 High Nov 11 and a key resistance
  • RES 2: 105.34 Upper 3.0% Bollinger Band
  • RES 1: 105.17 High Feb 2 / 1.0% 10-dma envelope
  • PRICE: 105.06 @ 16:17 GMT Feb 3
  • SUP 1: 104.40 High Jan 11 and recent breakout level
  • SUP 2: 103.78 Former channel top drawn off the Mar 2020 high
  • SUP 3: 103.33 Low Jan 21
  • SUP 4: 103.28/02 61.8% and 76.4 % of the Jan 6 - 11 rally

USDJPY outlook is unchanged. Bullish conditions remain intact following last week's price developments and the pair is holding onto recent gains. On Jan 27 USDJPY cleared a bear channel resistance drawn off the Mar 2020 high. Resistance at 104.40 gave way on Jan 28, confirming a resumption of the uptrend that started Jan 6 and this reinforces the significance of the channel breakout. The focus is on 105.68, Nov 11 high. Support is at 104.40.

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