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Bull Flag Formation

USDJPY TECHS
  • RES 4: 153.39 1.382 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 3: 153.00 Round number resistance
  • RES 2: 152.66 1.236 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 1: 151.91/95 High Nov 13 / High Oct 1 ‘22 and major resistance
  • PRICE: 151.54 @ 15:56 GMT Mar 26
  • SUP 1: 149.84/148.93 20- and 50-day EMA values
  • 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

The latest pause in USDJPY appears to be a flag formation - a continuation pattern. The trend direction is up and moving average studies are in a bull-mode position, highlighting a clear uptrend. Sights are on 151.91 and 151.95, the Nov 13 high and Oct 1 ‘22 highs respectively. A break of this resistance would confirm a resumption of the long-term uptrend and open 152.66, a Fibonacci projection. Initial firm support is 149.84, the 20-day EMA.

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