FX July 09, 2019 / 03:04 pm UTC

Chart USD/JPY Update: Still Strong, but Marginally Slower

By Nicholas Rose
Chart
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Level

Comment

--
Level

Comment
R1
108.8

June 11 high

S1
108.6
*
June 19 high
R2
109.15

May 29 low

S2
107.75

July 5 low
R3
109.35

projection

S3
107.08
*
June 26 low
R4
109.62
*
May 31 high

S4
106.75
*
June 25 low

Asterisk denotes strength of level

15:50 BST - USD is still in rally mode, pointed at the 109.62 and 109.92 targets, and then around 110.40 after that. After the slight slow down into narrower ranges this week, a drop below 108.65 would suggest a rollover into two-sided trade (more sideways) and more of a gradual advance. However, USD is strong otherwise. Immediate resistance is at 109.15 and 107.75 represents key support, at the one-month apex.

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