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Bullish Extension

  • RES 4: 150.45 3.618 proj of the Aug 2 - 8 - 11 price swing
  • RES 3: 150.00 Psychological round number
  • RES 2: 149.22 3.382 proj of the Aug 2 - 8 - 11 price swing
  • RES 1: 148.86 High Oct 14
  • PRICE: 148.76 @ 18:26 BST Oct 14
  • SUP 1: 147.06 Low Oct 14
  • SUP 2: 145.73/144.60 / Low Oct 12 / 20-day EMA
  • SUP 3: 143.53 Low Oct 5
  • SUP 4: 141.71 50-day EMA

USDJPY maintains a bullish tone and traded higher Friday. Last week's climb resulted in a break of 145.90, the Sep 22 high, confirming a resumption of the primary uptrend. It also marks an extension of the price sequence of higher highs and higher lows. 147.66, the Aug 1998 high, has also been cleared. The break reinforces bullish conditions and opens 149.22, a Fibonacci projection. Firm trend support lies at 144.60, the 20-day EMA.

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