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Watching Key Short-Term Support

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AUDUSD TECHS

Recent Pullback Considered Corrective

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Pullback Considered Corrective

USDJPY TECHS
  • RES 4: 140.47 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 137.00 High Jun 29
  • PRICE: 134.97 @ 06:42 BST Jul 1
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 132.17/131.69 Low Jun 17 / Bull channel base from Mar 4 low
  • SUP 3: 131.50 Low Jun 16 and a key support
  • SUP 4: 130.00 Round number support

Despite the latest pullback in USDJPY, the trend condition remains bullish and short-term weakness is considered corrective. A fresh cycle high this week confirmed a resumption of the primary uptrend and this maintains the sequence of higher highs and higher lows. Sights are on 137.30, a Fibonacci projection. Initial firm support to watch is 134.27, the Jun 23 low. A break would suggest scope for a deeper corrective pullback.

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  • RES 4: 140.47 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 137.00 High Jun 29
  • PRICE: 134.97 @ 06:42 BST Jul 1
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 132.17/131.69 Low Jun 17 / Bull channel base from Mar 4 low
  • SUP 3: 131.50 Low Jun 16 and a key support
  • SUP 4: 130.00 Round number support

Despite the latest pullback in USDJPY, the trend condition remains bullish and short-term weakness is considered corrective. A fresh cycle high this week confirmed a resumption of the primary uptrend and this maintains the sequence of higher highs and higher lows. Sights are on 137.30, a Fibonacci projection. Initial firm support to watch is 134.27, the Jun 23 low. A break would suggest scope for a deeper corrective pullback.