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Bull Flag Formation

USDJPY TECHS
  • RES 4: 152.43 0.764 proj of the Dec 28 - Jan 19 - Feb 1 price swing
  • RES 3: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • RES 2: 151.43 High Nov 16
  • RES 1: 150.89 High Feb 13 and bull trigger
  • PRICE: 149.88 @ 06:53 GMT Mar 6
  • SUP 1: 149.21/148.51 Low Feb 29 / 50-day EMA
  • SUP 2: 147.63 Low Feb 7
  • SUP 3: 145.90 Low Feb 1 and key support
  • SUP 4: 145.59 Low Jan 16

The USDJPY trend condition remains bullish and the recent pause appears to be a bull flag formation - a continuation pattern. This reinforces bullish conditions and sights are on 151.91/95, the Nov 13 ‘23 high and the Oct 1 ‘22 high and major resistance. The bull trigger is 150.89, Feb 13 high. Initial support lies at 149.21, the Feb 29 low, ahead of the 50-day EMA, at 148.51. A clear of the average is required to signal a top.

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