Free Trial

Testing Trendline Support Again

USDJPY TECHS
  • RES 4: 110.97 High Mar 31 and the bull trigger
  • RES 3: 110.55 High Apr 6
  • RES 2: 109.70/96 High May 3 / High Apr 9
  • RES 1: 109.29 High May 7
  • PRICE: 108.81 @ 06:34 BST May 10
  • SUP 1: 108.34/08 Low May 7 / Low Apr 27
  • SUP 2: 107.48 Low Apr 23 and the bear trigger
  • SUP 3: 106.97 Low Mar 4
  • SUP 4: 106.78 50.0% retracement of the Jan - Mar rally

USDJPY traded lower again Friday and did penetrate trendline support at 108.44. The trendline is drawn off the Jan 6 low. Support though was found at 108.34, Friday's low and a clear breach of this level is required to negate the recent bullish theme. This would expose 107.48, Apr 23 low. For bulls, a break of 109.70, May 3 high, would instead strengthen a bullish case and signal scope for a climb above 110.00.

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.