Scandex Market Update – April 17

My near term USDJPY view is that price is rallying in a 3 wave correction from this week’s low. Ideal resistance is 108.32/50. The bottom of the zone is 2 equal legs up from the low and the top of the zone is the noted 108.50. Eventual downside focus is 105.05/20. As a reminder, 108.50 is my bull/bear dividing line so a move above 108.50 would turn me neutral. VWAP from the March low in futures (futures Yen low is equivalent to spot USDJPY high) and 2020 VWAP reinforce 108.32/50 as resistance in spot (see futures chart below).