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Bull Cycle Still Firmly Intact

USDJPY TECHS
  • RES 4: 124.63 High Aug 13 2015
  • RES 3: 123.76 High Nov 18 2015
  • RES 2: 122.47 2.382 projection of the Dec 3 - Jan 4 - 24 price swing
  • RES 1: 122.44 High Mar 25
  • PRICE: 122.04 @ 16:27 GMT Mar 25
  • SUP 1: 120.95/120.00 Low Mar 24 / Round number support
  • SUP 2: 119.04/ Low Mar 21
  • SUP 3: 118.18 20-day EMA
  • SUP 4: 117.28 Low Mar 14

USDJPY shrugged off early weakness Friday after marking a sixth consecutive session of higher highs this week. Despite being in overbought territory, current momentum suggests the USD still has the potential to extend this bull cycle. Upside targets shift higher to 122.47, the 2.382 projection of the Dec 3 - Jan 4 - 24 price swing as well as the Nov 18 2015 high of 123.76. Initial firm support is seen at 120.00.

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