Free Trial

Range Base Holds Firm

USDJPY TECHS
  • RES 4: 110.82 High Jul 7
  • RES 3: 110.80 High Aug 11 and a key resistance
  • RES 2: 110.45/46 High Sep 8 / High Aug 13
  • RES 1: 110.16 High Sep 13 / 14
  • PRICE: 109.85 @ 19:59 BST Sep 22
  • SUP 1: 109.11 Low Aug 16 / Sep 15
  • SUP 2: 108.72 Low Aug 04 and the bear trigger
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.47 76.4% of the Apr 23 - Jul 2 rally

USDJPY traded firmer Wednesday and the range base at 109.11 remains intact. The outlook is bearish however support at 109.11, Aug 16 / Sep 15 low needs to give way to reinforce this theme. A break of this level would expose 108.72, Aug 4 low. Clearance of 108.72 would open 108.47, a Fibonacci retracement and below. For bulls, the level to break is unchanged at 110.80, Aug 11 high. Initial firm resistance is at 110.45/46.

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.