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Approaching Channel Resistance

USDJPY TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 141.61 High Nov 23 2022
  • RES 3: 140.71 Bull channel top drawn from the Jan 16 low
  • RES 2: 140.69 2.0% 10-dma envelope
  • RES 1: 140.23 High May 25
  • PRICE: 139.74 @ 06:32 BST May 26
  • SUP 1: 138.23 Low May 24
  • SUP 2: 137.77 High May 2 and a recent breakout level
  • SUP 3: 136.92 20-day EMA
  • SUP 4: 135.69 Low May 16

USDJPY bullish conditions remain intact and the pair is holding on to its recent gains. The 140.00 handle has been pierced and sights are on a key resistance at 140.71, the top of a bull channel drawn from the Jan 16 low. Moving average studies are in a bull mode position and this highlights the current positive sentiment. On the downside, initial support lies at 137.77, the May 2 high. A short-term pullback would be considered corrective.

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  • RES 4: 141.61 High Nov 23 2022
  • RES 3: 140.71 Bull channel top drawn from the Jan 16 low
  • RES 2: 140.69 2.0% 10-dma envelope
  • RES 1: 140.23 High May 25
  • PRICE: 139.74 @ 06:32 BST May 26
  • SUP 1: 138.23 Low May 24
  • SUP 2: 137.77 High May 2 and a recent breakout level
  • SUP 3: 136.92 20-day EMA
  • SUP 4: 135.69 Low May 16

USDJPY bullish conditions remain intact and the pair is holding on to its recent gains. The 140.00 handle has been pierced and sights are on a key resistance at 140.71, the top of a bull channel drawn from the Jan 16 low. Moving average studies are in a bull mode position and this highlights the current positive sentiment. On the downside, initial support lies at 137.77, the May 2 high. A short-term pullback would be considered corrective.