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Bull Trend Extends

USDJPY TECHS
  • RES 4: 139.07 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 136.88 High Oct 30 1998
  • PRICE: 136.23 @ 06:36 BST Jun 22
  • SUP 1: 134.54 Low Jun 20
  • SUP 2: 132.70/131.50 20-day EMA / Low Jun 16 and key support
  • SUP 3: 130.43 Low Jun Low Jun 6
  • SUP 4: 130.00 Round number support

USDJPY broke to new cycle highs Tuesday, with price clearing short-term resistance at 135.59, Jun 15 high. The break higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 136.88 next, the Oct 30 1998 high. A bull channel is also evident on the daily chart - drawn from the Mar 4 low. The top, at 139.07, is a near-term objective too. Key short-term support is at 131.50.

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  • RES 4: 139.07 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 136.88 High Oct 30 1998
  • PRICE: 136.23 @ 06:36 BST Jun 22
  • SUP 1: 134.54 Low Jun 20
  • SUP 2: 132.70/131.50 20-day EMA / Low Jun 16 and key support
  • SUP 3: 130.43 Low Jun Low Jun 6
  • SUP 4: 130.00 Round number support

USDJPY broke to new cycle highs Tuesday, with price clearing short-term resistance at 135.59, Jun 15 high. The break higher confirms a resumption of the primary uptrend and maintains the bullish price sequence of higher highs and higher lows. The focus is on 136.88 next, the Oct 30 1998 high. A bull channel is also evident on the daily chart - drawn from the Mar 4 low. The top, at 139.07, is a near-term objective too. Key short-term support is at 131.50.