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Needle Still Points North

  • RES 4: 109.85 High Jun 5, 2020
  • RES 3: 109.70 High Jun 8, 2020
  • RES 2: 109.56 61.8% retracement of the Mar 2020 - Jan downleg
  • RES 1: 109.23 High Mar 9
  • PRICE: 109.03 @ 16:22 GMT Mar 12
  • 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

USDJPY is holding onto the bulk of recent gains. The outlook remains bullish. Attention is on the Mar 9 high of 109.23. Clearance of this hurdle would confirm a resumption of the uptrend with scope for 109.56, a key retracement level. Momentum studies remain in overbought territory however this is still not having an impact on the trend and instead the set-up continues to reinforce the current bullish mood. Support is at 107.82, Mar 5 low.

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