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Bull Cycle Extends

USDJPY TECHS
  • RES 4: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 3: 151.43 High Nov 16
  • RES 2: 150.89 High Feb 13 and bull trigger
  • RES 1: 150.85 High Mar 19
  • PRICE: 150.68 @ 15:53 GMT Mar 19
  • SUP 1: 148.41 50-day EMA
  • 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 traded higher Tuesday following the BOJ rate decision. The extension strengthens a short-term bullish condition and the USD has cleared a number of short-term resistance points. The move above 150.00 signals scope for a test of key resistance and the bull trigger at 150.89, the Feb 13 high. A break of this level would resume the uptrend. Key support lies at 146.49, the Mar 8 / 11 low. Initial support is at 148.41, the 50-day EMA.

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