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Bullish Conditions Remain Intact

  • RES 4: 107.05 Aug 13 high and a key resistance
  • RES 3: 106.73 Bear channel resistance drawn off the Mar 24 high
  • RES 2: 106.55 High Sep 3
  • RES 1: 106.11/38 High Oct 7 / High Sep 8
  • PRICE: 105.89 @ 10:44 BST Oct 9
  • SUP 1: 105.62 20-day EMA
  • SUP 2: 104.94 Low Oct 2 and key near-term support
  • SUP 3: 104.41 Low Sep 22
  • SUP 4: 104.00 Low Sep 21 and the bear trigger

USDJPY is holding onto the bulk of its recent gains. This week's climb saw the pair breach 105.80, Sep 30 high and 105.86, the 50-day EMA. The break higher marks an extension of the strong bounce off 104.94, Oct 2 low and also confirms a resumption of the recovery that has dominated since Sep 21. This open 106.38, Sep 8 high and 106.55, Sep 3 high. Bear channel resistance intersects at 106.69. Initial support is at 105.62, the 20-day EMA.

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