Free Trial

Trading Closer To Recent Highs

USDJPY TECHS
  • RES 4: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 3: 135.11 High Mar 15
  • RES 2: 134.75 61.8% retracement of the Mar 8 - 24 bear leg
  • RES 1: 134.05 High Apr 12
  • PRICE: 133.23 @ 06:16 BST Apr 13
  • SUP 1: 131.83/130.64 Low Apr 10 / 5 and a key support
  • SUP 2: 129.64 Low Mar 24 and the bear trigger
  • SUP 3: 128.09 Low Feb 2
  • SUP 4: 127.23 Low Jan 16 and key support

USDJPY continues to trade closer to its recent highs. The latest recovery appears to be a correction and the next key short-term resistance to watch is 134.75, a Fibonacci retracement. Clearance of this level would strengthen the current bull cycle. On the downside, a reversal lower would signal the end of the corrective phase and attention would turn to the first key support at 130.64, the Apr 5 low.

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.