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Corrective Pullback Finds Support

  • 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: 129.25 @ 16:39 BST May 13
  • 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 as markets bounce off the Thursday low. Initial key support has been defined at 127.52, yesterday’s low. Trend conditions are bullish. A resumption of gains and a break above 131.35, May 9 high, would clear the path for 131.96, a Fibonacci projection. A move higher would also maintain a bullish price sequence of higher highs and higher lows. Key trend support is unchanged at 126.95, Apr 27 low.

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