USD/JPY Technical Analysis: Bullish correction might be short-lived
|- USD/JPY lost about 250 pips since last Thursday to current Monday’s lows. USD/JPY is currently supported by a daily trendline from March, 26.
- However, today’s sharp drop suggests that the bearish correction might not be over yet and a failure to build momentum above 111.39 and 111.60-111.80 area can lead to a retest of the current daily low at 110.75.
- On the other hand, a breakout above 111.60-111.80 area can lead to an acceleration to 112.19-112.40 area.
USD/JPY 15-minute chart
Spot rate: 111.33
Relative change: -0.13%
High: 111.51
Low: 110.75
Trend: Bullish / Risk of bearish reversal
Resistance 1: 111.39 May 21 swing high
Resistance 2: 111.60-111.80 area, 23.6% and 38.2% Fibonacci retracement low/high July 11
Resistance 3: 112.19-112.40 area, July 11 high and intraday swing low
Resistance 4: 112.64 July 12 high
Resistance 5: 113.18, 2018 high
Resistance 6: 113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 7: 114.45 October 27, 2017 high
Support 1: 110.75 current 23 July low
Support 2: 111.02-111.16 previous intraday swing lows
Support 3: 110.90 June 15 swing high
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.