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Remains Above Last Week’s Low

USDJPY TECHS
  • RES 4: 112.23 High Feb 20, 2020 and a key resistance
  • RES 3: 111.71/111.78 High Mar 24, 2020 / 1.0% 10-dma envelope
  • RES 2: 111.66 High Jul 2
  • RES 1: 110.82 High Jul 7
  • PRICE: 110.33 @ 16:09 BST Jul 13
  • SUP 1: 109.53 Low Jul 8
  • SUP 2: 109.19 Low Jun 7 and a key near-term support
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.34 Low May 7

USDJPY traded lower last week but found support at 109.53, Jul 8 low. The recent bear leg is considered corrective. A bullish theme remains intact following the recent breach of 111.12, Jun 24 high and a previous bull trigger. This reinforces the bull trend and the broader positive price sequence of higher highs and higher lows. A resumption of gains would refocus attention on 111.66, high Jul 2. A deeper sell-off would expose support at 109.19.

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