Free Trial

Needle Still Points North

USDJPY TECHS
  • 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.

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

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.