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Conditions Remain Bullish

USDJPY TECHS
  • RES 4: 150.78 High Nov 17
  • RES 3: 149.75 High Nov 22
  • RES 2: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
  • RES 1: 148.80 High Jan 19
  • PRICE: 147.92 @ 006:27 GMT Jan 24
  • SUP 1: 146.99 Low Jan 23
  • SUP 2: 145.86 50- day EMA
  • SUP 3: 144.36 Low Jan 12 and key S/T support
  • SUP 4: 143.42 Low Jan 9

USDJPY is holding on to the bulk of its recent gains and bulls remain in the driving seat for now. Last week’s move higher reinforces current conditions. Resistance at 146.41, the Jan 11 high, has been cleared and this confirmed a resumption of the bull cycle. Sights are on 149.16 next, a Fibonacci retracement. Key short-term support has been defined at 144.36, the Jan 12 low. Clearance of this level is required to signal a top.

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