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Consolidation Mode

USDJPY TECHS
  • RES 4: 140.00 Round number resistance
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 137.00 High Jun 29 and the bull trigger
  • PRICE: 135.16 @ 06:58 BST Jul 6
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 132.17/132.29 Low Jun 17 / Bull channel base from Mar 4 low
  • SUP 3: 131.50 Low Jun 16 and a key support
  • SUP 4: 130.00 Round number support

USDJPY is consolidating and remains inside its recent range. Trend conditions are unchanged and the uptrend remains firmly intact. A fresh cycle high last week confirmed a resumption of the primary uptrend and this maintains the sequence of higher highs and higher lows. The focus is on 137.30, a Fibonacci projection. Initial firm support to watch is 134.27, the Jun 23 low. A break would signal scope for a deeper corrective pullback.

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