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Pullback Considered Corrective

USDJPY TECHS
  • RES 4: 112.40 High Apr 24, 2019
  • RES 3: 112.23 High Feb 20, 2020 and a key resistance
  • RES 2: 111.71/112.01 High Mar 24, 2020 / 1.0% 10-dma envelope
  • RES 1: 111.66 High Jul 2
  • PRICE: 110.83 @ 16:53 BST Jul 6
  • SUP 1: 110.42 Low Jun 30 and the key short-term support
  • SUP 2: 109.72 Low Jun 21
  • SUP 3: 109.19 Low Jun 7
  • SUP 4: 108.56 Low May 25

USDJPY continues to pull away from last week's high of 111.66. Pullbacks are considered corrective and bullish price conditions dominate. The pair last week cleared resistance at 111.12, Jun 24 high and a recent bull trigger. The recovery reinforces the current bull trend and the positive price sequence of higher highs and higher lows. The focus is on 112.01 next, the 1.0% 10-dma envelope. Key short-term trend support is at 110.42 Jun 30 low.

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