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Approaching The Bull Trigger

  • RES 4: 146.52 1.236 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 146.03 2.764 proj of the Aug 2 - 8 - 11 price swing
  • RES 2: 145.90 High Sep 22 and the bull trigger
  • RES 1: 145.30 High Oct 3
  • PRICE: 144.54 @ 15:25 BST Oct 3
  • SUP 1: 142.95/141.77 20-day EMA / Low Sep 23
  • SUP 2: 140.36 Low Sep 22 and key short-term support
  • SUP 3: 140.03 50-day EMA
  • SUP 4: 139.39 High Jul 14 and a former key resistance

USDJPY traded higher Monday. The pair is holding on to the recovery from 140.36, the Sep 22 low and key short-term support. The primary uptrend remains intact and attention is on the bull trigger at 145.90, the Sep 22 high. A break would confirm a resumption of the bull cycle and open 146.03, a Fibonacci projection. A break of 140.36 is required to highlight a top and the potential for a deeper retracement.

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