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Channel Top Offers Resistance

  • RES 4: 142.25 High Nov 21 2022
  • RES 3: 141.98 2.0% 10-dma envelope
  • RES 2: 141.61 High Nov 23 2022
  • RES 1: 140.86/93 Bull channel top from the Jan 16 low / High May 30
  • PRICE: 139.37 @ 06:47 BST May 30
  • SUP 1: 138.83 Low May 25
  • SUP 2: 138.23 Low May 24
  • SUP 3: 137.79 20-day EMA
  • SUP 4: 137.43 Low May 19

USDJPY bullish conditions remain intact and a pullback is considered corrective - for now. The pair has this week tested resistance at the top of the bull channel, drawn from the Jan 16 low which intersects at 140.86. This is a key resistance and a clear break of it would reinforce bullish conditions and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal would highlight a potential top. Key support to watch is 137.79, the 20-day EMA.

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