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Bullish Inside Its Channel

USDJPY TECHS
  • RES 4: 139.07 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 136.71/88 High Jun 22 / High Oct 1998
  • PRICE: 136.24 @ 16:38 BST Jun 28
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 133.61/131.50 20-day EMA / Low Jun 16 and key support
  • SUP 3: 131.09 Bull channel base drawn from the Mar 4 low
  • SUP 4: 130.00 Round number support

USDJPY resumed gains ahead of the close, keeping cycle highs under pressure. Strength last week confirmed a resumption of the primary uptrend. The move higher maintains the bullish price sequence of higher highs and higher lows and this has opened 136.88 next, the Oct 1998 high. Price is also trading inside a bull channel - drawn from the Mar 4 low. The top at 139.87 is an objective further out. Key short-term support is unchanged at 131.50.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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