Free Trial

Resistance At The Channel Top Still Intact

USDJPY TECHS
  • RES 4: 142.51 61.8% of the Oct 16 2022 - Jan 16 bear leg
  • RES 3: 142.16/35 2.0% 10-dma envelope / High Nov 21 2022
  • RES 2: 141.61 High Nov 23 2022
  • RES 1: 140.45/141.06 High Jun 5 / Bull channel top from Jan 16 low
  • PRICE: 139.53 @ 15:48 BST Jun 5
  • SUP 1: 138.45 Low Jun 1
  • SUP 2: 138.33 20-day EMA
  • SUP 3: 137.43 Low May 19
  • SUP 4: 136.31 Low May 17

The trend condition in USDJPY remains bullish and the latest pullback appears to be a correction. The top of a bull channel, drawn from the Jan 16 low, which intersects at 141.06 today, represents key resistance. A clear break of this level would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal lower would highlight a potential top. Key support to watch is 138.33, the 20-day EMA.

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.