Free Trial

Waiting For A Range Breakout

USDJPY TECHS
  • RES 4: 111.66 High Jul 2 and the bull trigger
  • RES 3: 110.82 High Jul 7
  • RES 2: 110.80 High Aug 11 and a key resistance
  • RES 1: 110.45/46 High Sep 8 / High Aug 13
  • PRICE: 110.07 @ 07:10 BST Sep 14
  • SUP 1: 109.59/41 Low Aug 31 and Sep 3 / Low Aug 24
  • SUP 2: 109.11/108.72 Low Aug 16 / Low Aug 04 and the bear trigger
  • SUP 3: 108.56 Low May 25
  • SUP 4: 108.47 76.4% of the Apr 23 - Jul 2 rally

USDJPY is trading above recent lows but the pair remains range bound. The near-term outlook is unchanged and a bearish risk is present. Key support to watch lies at 108.72, Aug 4 low where a break would strengthen a bearish case and open 108.47, a Fibonacci retracement. For bulls, the level to breaks remains 110.80, Aug 11 high. A break would instead open key resistance at 111.66, Jul 2 high. Initial resistance is at 110.45/46.

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.