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Through First Support

USDJPY TECHS
  • RES 4: 111.71 High Mar 24, 2020
  • RES 3: 111.66 High Jul 2 and the bull trigger
  • RES 2: 110.70/82 High Jul 14/ High Jul 7
  • RES 1: 110.59 High Jul 23
  • PRICE: 109.10 @ 17:15 BST Aug 03
  • SUP 1: 108.88 Low Aug 03
  • SUP 2: 108.56 Low May 25
  • SUP 3: 108.47/34 76.4% of the Apr 23 - Jul 2 rally / Low May 7
  • SUP 4: 108.08 Low Apr 27

USDJPY extended the slippage Tuesday, taking out first support to trade through the Y109 handle. A bearish focus dominates. This follows the recent Jul 19 break of support at 109.48, Jul 29 low. The move lower marks a resumption of the reversal from early July and paves the way for an extension lower. Attention is on 108.47, a Fibonacci retracement. Firm short-term resistance is at 110.70, Jul 14 high, a break would alter the picture.

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