Free Trial

Short-Term Trend Needle Points South

USDJPY TECHS
  • RES 4: 137.91 High Mar 8 and the bull trigger
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.11 High Mar 15
  • RES 1: 134.64 20-day EMA
  • PRICE: 132.16 @ 16:41 GMT Mar 17
  • SUP 1: 131.72 Low Mar 16
  • SUP 2: 131.31 61.8% retracement of the Jan 16 - Mar 8 rally
  • SUP 3: 129.81 Low Feb 10
  • SUP 4: 128.09 Low Feb 2

Recent weakness in USDJPY highlights potential for a deeper corrective pullback and the pair is trading closer to this week’s lows. 132.29, the Mar 13 low, represents an important short-term support. It has been pierced, a clear break would resume the bear leg and open 131.31, a Fibonacci retracement. For bulls, a resumption of strength would instead open the 136.00 handle and signal scope for a test of the bull trigger at 137.91, the Mar 8 high.

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.