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Watching Support

USDJPY TECHS
  • RES 4: 144.20 High Jul 7
  • RES 3: 143.22 76.4% retracement of the Jun 30 - Jul 14 downleg
  • RES 2: 142.88 Bull channel top drawn from the Jan 16 low
  • RES 1: 142.08 61.8% retracement of the Jun 30 - Jul 14 downleg
  • PRICE: 140.18 @ 06:33 BST Jul 27
  • SUP 1: 139.11 Low Jul 20
  • SUP 2: 138.77 Low Jul 19
  • SUP 3: 137.25 Low Jul 14 and key support
  • SUP 4: 136.31 Low May 17

This week’s move lower in USDJPY appears to be a correction. The recent breach of both the 20- and 50-day EMAs, has strengthened a short-term bullish condition. This signals scope for a climb towards 142.08, 61.8% of the early July downleg. A break would open 143.22, the 76.4% retracement point. On the downside, key support has been defined at 137.25, the Jul 14 low. Initial support to watch lies at 139.11, the Jul 20 low.

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