USD/JPY: Constructive Bullish Structure But Intermarket Bearish

2019년 3월 18일

Technicals saw a marked improvement last week, after the key breakout through 111.40 led to a new bullish cycle which stopped on its tracks at the 100% proj target.

As intermarket stands, with the DXY and US 30Y showing a downward trajectory, the market is unlikely to gather much buy-side support, even if deep dip buying still justified on rampant equities. Until the FOMC, a rotational market looks increasingly likely.

A cluster of bids can be clearly anticipated between 111.30-40, a confluence of horizontal support with the highest accumulation of volume from last week.