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Clears The Bull Trigger

USDJPY TECHS
  • RES 4: 148.42 1.382 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 147.66 High Aug 1998 and a key resistance
  • RES 2: 147.25 3.00 proj of the Aug 2 - 8 - 11 price swing
  • RES 1: 146.97 High Oct 12
  • PRICE: 146.76 @ 19:41 BST Oct 12
  • SUP 1: 145.17/144.06 / Low Oct 10 / 20-day EMA
  • SUP 2: 143.53 Low Oct 5
  • SUP 3: 141.27 50-day EMA
  • SUP 4: 140.36 Low Sep 22, and key support

USDJPY maintains a bullish tone and the pair has traded higher today. This has resulted in a break of resistance at 145.90, the Sep 22 high. The breach confirms a resumption of the primary uptrend and marks an extension of the broader bullish price sequence of higher highs and higher lows. Attention turns to 147.25 next, a Fibonacci projection. On the downside, firm trend support lies at 144.06, the 20-day EMA.

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