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Approaching Major Resistance

USDJPY TECHS
  • RES 4: 153.39 1.382 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 3: 152.66 1.236 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 2: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 1: 151.82 High Mar 20
  • PRICE: 151.60 @ 16:10 GMT Mar 20
  • SUP 1: 149.06/148.50 20- and 50-day EMA values
  • SUP 2: 147.44 Low Mar 14
  • SUP 3: 146.49 Low Mar 08 / 11 and key support
  • SUP 4: 145.90 Low Feb 1

USDJPY bulls remain in the driver’s seat and the pair is trading higher Wednesday. Price is through key S/T resistance at 150.89, the Feb 13 high and this confirms a resumption of the uptrend. Sights are on 151.91 and 151.95, the Nov 13 high and Oct 1 ‘22 highs respectively. Clearance of this resistance would confirm a resumption of the long-term uptrend. A break would open 152.66, a Fibonacci projection. Initial firm support is 149.06, the 20-day EMA.

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