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Challenging Bull Trigger

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.35 High Jan 4 and the bull trigger
  • RES 1: 116.34 High Feb 10
  • PRICE: 115.94 @ 18:04 GMT Feb 10
  • SUP 1: 114.91 20-day EMA
  • SUP 2: 114.16/113.47 Low Feb 02 / Low Jan 24 and key support
  • SUP 3: 113.43 76.4% of the Nov 30 - Jan 4 rally
  • SUP 4: 113.14 Low Dec 17

USDJPY continues to trade higher and trend conditions remain bullish. The pair has topped resistance at 115.67/68, 76.4% of the Jan 4 - 24 downleg and the Jan 28 high, narrowing the gap with the bull trigger of 116.35. A clear break of this hurdle would pave the way for a climb towards 117.08, the projection for the Apr 23 - Jul 2 - Aug 4 price swing. On the downside, initial support is seen at 114.91, the 20-day EMA ahead of 114.16, the Feb 2 low.

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