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Stronger, But Still Vulnerable

USDJPY TECHS
  • RES 4: 111.30 High Mar 26, 2020
  • RES 3: 110.97 High Mar 31 and the bull trigger
  • RES 2: 110.55 High Apr 6
  • RES 1: 110.33 High Jun 4
  • PRICE: 109.81 @ 16:25 BST Jun 11
  • SUP 1: 109.19/108.99 Low Jun 7 / 50-day EMA
  • SUP 2: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 3: 107.48 Low Apr 23 and the bear trigger
  • SUP 4: 106.97 Low Mar 4

After a steady start, USDJPY rallied into the Friday close, but failed to swing the outlook, which remains bearish. Recent weakness resulted in a print below former key short-term support at 109.33, Jun 1 low. The move dents the bullish theme and a deeper sell-off would expose 108.56, May 25 low. A recovery would instead refocus attention on 110.33 where a break is required to reinstate the uptrend and open this year's 110.97 high from Mar 31.

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