107.11 - Y'day's low
107.05 - Last week's low (Mon)
106.81 - Jun 26 low

USD/JPY - 107.22... Dlr continued to swing sideways in directionless trading on Thur as market focus was on other majors. Despite rebounding fm 107.19 to 107.39 (Europe), price fell to 107.11 in NY b4 recovering to 107.35.

On the bigger picture, dlr's erratic fall fm 118.66 (Dec 2016) to 2019 low at 104.46 (Sep) confirms early uptrend fm 2016 29-month bottom at 99.00 has hit a top there. Despite hitting a 3-1/2 year bottom of 101.19 in Mar on risk- off trades due to coronavirus pandemic, dlr's rally to 111.71 due to broad-based usd's strength signals low has been seen. Although price has staged a strong rebound after retreating to a 7-week low at 105.99 in May, dlr's fall to 106.08 (Jun) suggests recovery has ended at 109.84 n weakness to 105.99 would be seen, break would head twd 105.15, below, 104.51. On the upside, only a daily close abv 108.54 would indicate pullback has ended, 109.84 later.

Today, despite y'day's resumption of decline fm Jul's 108.16 high to a to a 9-day low of 107.11, as this lvl was accompanied by 'bullish convergences' on hourly indicators, reckon sup 106.81 would contain weakness n bring rebound. Abv 107.78 signals pullback over n would head twd 108.16. Below 106.81, 106.39.

Interested in USD/JPY technicals? Check out the key levels

1. R3 107.67
2. R2 107.53
3. R1 107.37
PP 107.23
1. S1 107.07
2. S2 106.93
3. S3 106.77

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AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

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