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Corrective Pullback

  • RES 4: 133.11 High Apr 4 2002
  • RES 3: 132.39 High Apr 15 2002
  • RES 2: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 131.35 High May 9 and the bull trigger
  • PRICE: 128.23 @ 17:11 BST May 12
  • SUP 1: 127.52 Low May 12
  • SUP 2: 126.95 Low Apr 27 and a key support
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

The USDJPY outlook is bullish despite Thursday’s slip lower. The pair probed resistance at 131.25 on Monday, the Apr 28 high. A clear break of this level would confirm a resumption of the uptrend and open 131.96, a Fibonacci projection. A move higher would also maintain a bullish price sequence of higher highs and higher lows. Key support has been defined at 126.95, Apr 27 low. Initial support at 128.58 has been broken - S/T dips are considered corrective.

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