0
565
- 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 |