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Apr 19 - 04:55 PM

USD/JPY - Breakdown Batters March's Pre-Peak Spec Longs, But 108 Holds

By Randolph Donney  —  Apr 19 - 02:40 PM
  • Dives to 108.01 on EBS, lowest since March 5, below where specs got long

  • Options support, teamed with an ABC target and weekly tenkan at 107.95-8.00

  • Up TL off March's spec long accumulation 108.28 base was broken at 108.62

  • Almost no bounce off the lows shows bears have bulls on the run nL1N2MC1P6

  • Next props are at 107.75-77, with major supports clustered at 106.78/70

  • Last week's 108.61 low and 109 are now major resistance

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Source:
Refinitiv IFR Research/Market Commentary

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