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Clears Key Resistance

USDJPY TECHS
  • RES 4: 116.87 High Jan 1, 2017
  • RES 3: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 115.51 High Mar 10, 2017
  • RES 1: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • PRICE: 114.39 @ 16:50 GMT Nov 17
  • SUP 1: 113.76 Low Nov 12 / 15
  • SUP 2: 112.73/61 Low Nov 9 / 50-day EMA
  • SUP 3: 112.08 High Sep 30 and a recent breakout level
  • SUP 4: 111.51 Low Oct 8

USDJPY rallied Tuesday but faded throughout the Wednesday session, despite having breached resistance at 114.70, the Oct 20 high. The week's break higher confirms a resumption of the underlying uptrend and paves the way for an extension. This opens 115.51 next, the Mar 10, 2017 high. A strong reversal recently has defined key short-term support at 112.73, Nov 9 low where a break is required to suggest a top and a short-term reversal.

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