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Approaching First Resistance

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.35 High Jan 4 and the bull trigger
  • RES 1: 115.67/68 76.4% of the Jan 4 - 24 downleg / High Jan 28
  • PRICE: 115.52 @ 06:28 GMT Feb 8
  • SUP 1: 114.77 20-day EMA
  • SUP 2: 114.16/113.47 Low Feb 02 / Low Jan 24 and key support
  • SUP 3: 113.43 76.4% of the Nov 30 - Jan 4 rally
  • SUP 4: 113.14 Low Dec 17

USDJPY is firmer and trend conditions remain bullish. The bull phase between Jan 24 - 28 resulted in a breach of former resistance at 115.06, Jan 18 high. This has strengthened the recent reversal from 113.47, Jan 24 low and signals scope for a test of 116.35, high Jan 4 and a key medium-term resistance. Key short-term support is unchanged at 113.47. Initial firmer support lies at 114.16, Feb 2 low.

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