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Bullish Theme Still In Play

USDJPY TECHS
  • RES 4: 139.39 High Jul 14 and key resistance
  • RES 3: 138.88 High Jul 21
  • RES 2: 137.96 High Jul 22
  • RES 1: 137.71 High Aug 22
  • PRICE: 136.69 @ 06:33 BST Aug 25
  • SUP 1: 135.72 Low Aug 19
  • SUP 2: 135.43/134.56 20- and 50-day EMA
  • SUP 3: 133.91 Low Aug 17
  • SUP 4: 132.56 Low Aug 15

USDJPY is consolidating. Short-term conditions remain bullish despite Tuesday’s pullback. The pair last week traded above 135.58, Aug 8 high and this strengthened a short-term bullish condition. Furthermore, 137.27, 76.4% of the Jul 14 - Aug 2 downleg, has been cleared reinforcing current conditions. This signals scope for a continuation higher towards 137.96, the Jul 22 high. Initial firm support is seen at the 50-day EMA, at 134.56.

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