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JGB TECHS

(Z1) Strong Weekly Close

In A Range

USDJPY TECHS
  • RES 4: 111.66 High Jul 2 and the bull trigger
  • RES 3: 110.82 High Jul 7
  • RES 2: 110.80 High Aug 11 and a key resistance
  • RES 1: 110.42/46 High Sep 1 / High Aug 13
  • PRICE: 109.62 @ 17:24 BST Sep 3
  • SUP 1: 109.41 Low Aug 24
  • SUP 2: 109.11/108.72 Low Aug 16 / Low Aug 04 and the bear trigger
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.47 76.4% of the Apr 23 - Jul 2 rally

USDJPY continues to trade in a range. The outlook is unchanged and despite recent gains, the pair still appears vulnerable with attention on the key support at 108.72, Aug 4 low. A breach of this level would strengthen a bearish case and open 108.47, a Fibonacci retracement. For bulls, key near-term resistance is unchanged at 110.80, Aug 11 high. A break would instead open key resistance at 111.66, Jul 2 high.