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Range Bound

USDJPY TECHS
  • RES 4: 111.66 High Jul 2 and the bull trigger
  • RES 3: 110.82 High Jul 7
  • RES 2: 110.80 High Aug 11 and a key resistance
  • RES 1: 110.45/46 High Sep 8 / High Aug 13
  • PRICE: 110.01 @ 06:32 BST Sep 13
  • SUP 1: 109.59/41 Low Aug 31 and Sep 3 / Low Aug 24
  • SUP 2: 109.11/108.72 Low Aug 16 / 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 is firmer this morning however the pair remains in a range. The outlook is unchanged and a near-term bearish risk is present. A key support lies at 108.72, Aug 4 low where a break would strengthen a bearish case and open 108.47, a Fibonacci retracement. For bulls, the level to breaks is 110.80, Aug 11 high. A breach would instead open key resistance at 111.66, Jul 2 high. Initial resistance is at 110.45/46.

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