Free Trial

Retracement Mode

USDJPY TECHS
  • RES 4: 139.59 50.0% retracement of the Oct - Jan bear cycle
  • RES 3: 138.17 High Dec 15
  • RES 2: 137.77/91 High May 2 / High Mar 8 and key resistance
  • RES 1: 136.68 High May 16
  • PRICE: 136.32 @ 19:47 BST May 16
  • SUP 1: 134.81/133.50 20-day EMA Low May 4
  • SUP 2: 133.02 Low Apr 26 and a key near-term support
  • SUP 3: 132.75 61.8% retracement of the Mar 24 - May 2 bull leg
  • SUP 4: 132.02 Low Apr 13

USDJPY traded higher again Tuesday as the pair extended the retracement of the sell-off between May 2 - 4. Markets briefly topped next resistance at 136.63, the May 3 high. Further clearance of this hurdle would expose 137.77, the May 2 high and 137.91, the Mar 8 high. On the downside, a resumption of weakness would instead signal scope for a test of 133.50, the May 4 low and a key short-term support. Clearance of this level would reinstate the recent bearish theme.

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.