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One Week High, But Focus Still On Key Support
- RES 4: 106.95 High Sep 28
- RES 3: 106.48 Channel resistance drawn off Mar 24 high
- RES 2: 106.11/38 High Oct 7 and the bull trigger / High Sep 8
- RES 1: 105.75 High Oct 20
- PRICE: 105.56 @ 17:07 BST Oct 20
- SUP 1: 105.04 Low Oct 14
- SUP 2: 104.94 Low Oct 2 and key near-term support
- SUP 3: 104.41 Low Sep 22
- SUP 4: 104.00 Low Sep 21 and the bear trigger
USDJPY is trading above recent lows. Despite this, the pair continues to display a softer tone. Intraday momentum studies still point south however to strengthen a bearish theme, price needs to trade below 104.94, Oct 2 low. This would open 104.00, Sep 21 low. The bull trigger is at 106.11, Oct 7 high where a break would instead resume bullish pressure. Initial resistance is at 105.74, the 50-dma.
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