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Key Resistance Remains Exposed

USDJPY TECHS
  • RES 4: 132.39 High Apr 15 2002
  • RES 3: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 131.35 High May 9 and the bull trigger
  • RES 1: 130.81 High May 11
  • PRICE: 130.72 @ 15:57 BST Jun 3
  • SUP 1: 128.40 20-day EMA
  • SUP 2: 126.49/36 50-day EMA / Low May 24
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

USDJPY held on to the week’s gains into the close and potential is seen for a continuation higher. Price remains above the 50-day EMA, at 126.49 today. This week’s move higher signals the end of a recent corrective pullback and highlights the point that corrections in USDJPY are shallow - a bullish signal. The move higher signals scope for a climb towards the bull trigger at 131.35, May 9 high. Key short-term support has been defined at 126.36.

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