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Trend Conditions Remain Bullish

USDJPY TECHS
  • RES 4: 116.08 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.51 High Mar 10, 2017
  • RES 2: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 114.70/73 High Oct 20 / High Nov 6, 2017
  • PRICE: 113.82 @ 16:23 BST Oct 27
  • SUP 1: 113.01 20-day EMA
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.51 Low Oct 8
  • SUP 4: 110.82/80 Low Oct 4 / High Aug 11

After breaking a short-term trendline earlier on Wednesday, USDJPY continued to trade heavily and briefly breached last week's lows of 113.41. The initial target of a sustained breached would be the 113 mark, a recent low which coincides with the 20-day EMA. However, more significant support would be found at 112.08, Sep 30 high and a recent breakout level. While there appears room for USDJPY to continue to consolidate at lower levels, trend conditions remain technically bullish and dips are considered corrective.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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