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Watching The Key Support Zone

USDJPY TECHS
  • RES 4: 141.47 1.382 proj of the Jun 16 - 22 - 23 price swing
  • RES 3: 140.71 1.236 proj of the Jun 16 - 22 - 23 price swing
  • RES 2: 140.00 Psychological round number
  • RES 1: 137.96/39.39 High Jul 22 / 14 and the bull trigger
  • PRICE: 137.14 @ 16:21 BST Jul 27
  • SUP 1: 135.57 Low Jul 14
  • SUP 2: 135.30 Bull channel base drawn from the Mar 4 low
  • SUP 3: 134.27 Low Jun 23 and a key support
  • SUP 4: 132.17 Low Jun 17

USDJPY traded slightly higher into the close, but is still trading closer to recent lows and at levels around the 20-day EMA that intersects at 136.70. The recent move lower is considered corrective and attention is on two key support levels; 135.30, the base of a bull channel drawn from the Mar 4 low and 134.27, the Jun 23 low. A break of this support zone would signal scope for stronger reversal. The primary uptrend is intact, 139.39, the Jul 14 high, is the bull trigger.

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