USDJPY Approaches Key Pivot Support
May-26 13:33By: Taso Anastasiou
Foreign Exchange
- A key medium-term support has been defined at the 140.00, in USDJPY
- A clear break of this level is required to highlight a stronger reversal
- Moving average studies on the daily and weekly frequencies are - for now - in a bear-mode position
- The monthly set-up however, is bullish
- This does suggest that weakness since last year’s July high, is a correction
- A clear break of the 140.00 pivot support, if seen, would undermine this argument and signal scope for a deeper retracement
- Initial key resistance to watch is the 148.65, the May 12 high
