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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 @ 16:45 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 Tuesday'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.

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