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Bull Trend Intact

USDJPY TECHS
  • RES 4: 118.66 High Dec 15, 2016
  • RES 3: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 116.35 High Jan 4
  • PRICE: 115.97 @ 16:46 GMT Jan 5
  • SUP 1: 114.95 Low Jan 3
  • SUP 2: 114.57 20-day EMA
  • SUP 3: 113.90 50-day EMA
  • SUP 4: 113.33 Low Dec 20

USDJPY trend conditions remain bullish. Tuesday’s climb resulted in a break of key resistance at 115.52, the Nov 24 high. This confirms a resumption of both the short and medium-term trends, paving the way for a climb towards 117.08 next, a Fibonacci projection. Moving average conditions are also in a bull mode and this reinforces the current positive sentiment. Initial firm support is seen at 114.57, the 20-day EMA.

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