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Returns Lower

USDJPY TECHS
  • RES 4: 137.46 High Jul 27
  • RES 3: 137.31 Former channel support drawn from the Mar 4 low
  • RES 2: 136.58 High Jul 28
  • RES 1: 135.96 61.8% retracement of the Jul 14 - Aug 2 downleg
  • PRICE: 132.45 @ 16:33 BST Aug 10
  • SUP 1: 132.03 Low Aug 10
  • SUP 2: 130.41/130.00 Low Aug 2 / Round number support
  • SUP 3: 129.51 Low Jun 2
  • SUP 4: 128.64 Low Jun 1

USDJPY erased the entirety of the post-payrolls gains following the July CPI report, prompting the pair to trade again with a 132 handle. Nonetheless, the pair remains above 130.41, Aug 2 low, and recent gains have proven corrective. A bearish theme remains in place after Jul 28, a bull channel breakout, drawn from the Mar 4 low, signalled a reversal. Support at 131.50, Jun 16 low has also been cleared in recent weeks. The next resistance to watch is 135.96, a Fibonacci retracement.

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