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Bull Cycle Extends

USDJPY TECHS
  • RES 4: 140.00 Psychological round number
  • RES 3: 139.48 1.00 proj of the Jun 16 - 22 - 23
  • RES 2: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 137.75/138.00 High Jul 8 / Round number resistance
  • PRICE: 136.65 @ 16:22 BST Jul 12
  • SUP 1: 135.21/134.27 20-day EMA / Low Jun 23
  • SUP 2: 133.10 Bull channel base from the Mar 4 low
  • SUP 3: 131.50 Low Jun 16 and a key support
  • SUP 4: 130.00 Round number support

USDJPY remains bullish. The pair traded higher Monday and breached resistance at 137.00, the Jun 29 high. The break confirms a resumption of the primary uptrend and signals scope for an extension. The fresh cycle high also highlights the fact that corrections remain shallow, reinforcing underlying bullish conditions. The focus is on the 138.00 handle and 138.56 further out, a Fibonacci projection. Firm short-term support lies at 134.27, the Jun 23 low.

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