Free Trial

Key Bear Channel Top Remains Intact

USDJPY TECHS
  • RES 4: 105.16 High Nov 13
  • RES 3: 104.95 76.4% retracement of the Nov 11 - Jan 6 downleg
  • RES 2: 104.76 High Nov 24
  • RES 1: 104.40/46 High Jan 11 / 1.0% 10-dma envelope
  • PRICE: 103.69 @ 06:41 GMT Jan 13
  • SUP 1: 103.49 50.0% retracement of the Jan 6 - 11 rally
  • SUP 2: 102.95 Low Jan 7
  • SUP 3: 102.59 Low Jan 6 and the bear trigger
  • SUP 4: 102.02 Low Mar 10

USDJPY maintains a firmer tone despite yesterday's pullback. The pair earlier this week cleared the 50-day EMA, strengthening current short-term bullish conditions. Furthermore, Monday's climb resulted in prices briefly breaching key resistance, today at 104.31, defined by the top of a bear channel drawn off the Mar 24 high. The channel has contained recent gains. A break would signal a stronger reversal. Support is at 103.49.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.