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Stalls, But Bias Remains Higher

USDJPY TECHS
  • RES 4: 141.47 1.382 proj of the Jun 16 - 22 - 23 price swing
  • RES 3: 140.71 1.236 proj of the Jun 16 - 22 - 23 price swing
  • RES 2: 140.00 Psychological round number
  • RES 1: 139.48 1.00 proj of the Jun 16 - 22 - 23 price swing
  • PRICE: 137.86 @ 16:14 BST Jul 21
  • SUP 1: 137.28 Low Jul 14
  • SUP 2: 136.33 20-day EMA
  • SUP 3: 135.34/134.27 Low Jul 8 / Low Jun 23
  • SUP 4: 134.10 Bull channel base drawn from the Mar 4 low

Price action faltered into the Thursday close, but gains last week confirmed a resumption of the primary uptrend to keep the bias pointed higher. Moving average studies are in bull mode condition, clearly highlighting current market sentiment. The focus is on 139.48, a Fibonacci projection ahead of the psychological 140.00 handle. On the downside, the 20-day EMA, at 136.33, marks initial firm support.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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