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Still Defying Gravity

USDJPY TECHS
  • RES 4: 112.23 High Feb 20, 2020
  • RES 3: 111.71 High Mar 24
  • RES 2: 111.30 High Mar 26, 2020
  • RES 1: 110.63 0.764 proj of Mar - Apr 2020 rally from Jan 6 low
  • PRICE: 110.27 @ 09:21 GMT Mar 30
  • SUP 1: 109.13 Low Mar 26
  • SUP 2: 108.46/41 20-day EMA / Low Mar 23 and key support
  • SUP 3: 107.82 Low Mar 5
  • SUP 4: 107.01 50-day EMA

USDJPY continues to push higher with the bull trend firmly intact. The move last week above 109.36, Mar 15 high confirmed a resumption of the uptrend and note that 109.56 has been breached, a key retracement - 76.4% of Mar 2020 - Jan downleg. Today, 110.00 has been breached opening 110.63, a Fibonacci projection. Overbought conditions are still not impacting this trend and instead continues to reinforce current sentiment. 108.41 is key support.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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