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Trend Needle Still Points North

USDJPY TECHS
  • RES 4: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 3: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 136.04 1.382 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 135.19 High Jun 13
  • PRICE: 134.76 @ 16:08 BST Jun 14
  • SUP 1: 133.19/131.87 Low Jun 9 / Low Jun 7
  • SUP 2: 130.97 20-day EMA
  • SUP 3: 128.17 50-day EMA
  • SUP 4: 126.36 Low May 24 and key support

USDJPY Monday traded above the 135.00 handle - the weakest level since 1998. The move higher maintains the current bullish theme plus the positive price sequence of higher highs and higher lows. Moving average studies are also pointing north and indications are that the USD has further to go, despite being on overbought territory. The focus is on the 136.04, a Fibonacci projection. Initial firm support is seen at 130.97, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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