Technical Analysis for USDJPY - new resistance since finding support near a key Gann level in the 118.40 area last week
2 April 2015, 21:11
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- USD/JPY has traded steadily higher since finding support near a key Gann level in the 118.40 area last week
- However, our near-term trend bias is negative while below 120.60
- Weakness under 119.50 is needed to re-instill downside momentum into the exchange rate
- A minor turn window is eyed on Thursday
- A close over the 61.8% retracement of the March range at 120.60 would turn us positive on USD/JPY
| Instrument | Support 2 | Support 1 | Spot | Resistance 1 | Resistance 2 |
|---|---|---|---|---|---|
| USD/JPY | 119.50 | 119.80 | 120.20 | 120.30 | 120.60 |
