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EURJPY TECHS

Corrective Cycle Still In Play

USDJPY TECHS

Approaching Recent Highs

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  • RES 4: 111.30 High Mar 26, 2020
  • RES 3: 110.97 High Mar 31 and the bull trigger
  • RES 2: 110.55 High Apr 6
  • RES 1: 109.70/96 High May 3 / High Apr 9
  • PRICE: 109.07 @ 06:21 BST May 7
  • SUP 1: 108.44 Low Apr 29 and trendline support drawn off Jan 6 low
  • SUP 2: 107.48 Low Apr 23 and the bear trigger
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.78 50.0% retracement of the Jan - Mar rally

USDJPY is slightly weaker. The outlook is unchanged though and remains bullish. This theme follows the recent recovery from 107.48, Apr 23 low and the failure to confirm a clear break of trendline support drawn the Jan 6 low. With the trendline intact and MA studies in bull mode, further gains are likely. Attention is on 109.96, Apr 9 high. Initial support is at 108.44, Apr 29 low. A break of 107.48 though is required to reinstate a bearish theme.