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Bull Cycle Still In Play

USDJPY TECHS
  • RES 4: 144.40 1.382 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 3: 142.84 1.236 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 142.51 61.8% of the Oct 16 2022 - Jan 16 bear leg
  • RES 1: 142.36 High Jun 21
  • PRICE: 142.07 @ 16:49 BST Jun 21
  • SUP 1: 139.83/138.45 20-day EMA / Low Jun 1
  • SUP 2: 137.86 50-day EMA
  • SUP 3: 137.43 Low May 19
  • SUP 4: 136.31 Low May 17

USDJPY rallied last Friday and has traded to a fresh trend high this week. Price has breached 141.60, the top of a bull channel drawn from the Jan 16 high. The break reinforces bullish conditions and confirms a resumption of the uptrend, maintaining the bullish sequence of higher highs and higher lows. The focus is on 142.51 next, a Fibonacci retracement. Support to watch is at 139.83, the 20-day EMA. A break is required to signal a short-term top.

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