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Dips Considered Corrective

USDJPY TECHS
  • RES 4: 116.08 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.51 High Mar 10, 2017
  • RES 2: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 114.70/73 High Oct 20 / High Nov 6, 2017
  • PRICE: 114.03 @ 06:31 BST Oct 22
  • SUP 1: 113.65/00 Low Oct 15 & 21 / Low Oct 12
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.51 Low Oct 8
  • SUP 4: 110.82/80 Low Oct 4 / High Aug 11

USDJPY is trading below recent highs. Dips are considered corrective and bullish remain intact. A strong bullish theme follows the recent break of a long-term trendline (at 113.41) drawn off the Dec 1975 high. Bulls have not looked back and momentum remains firm. Attention is on 115.51, the Mar 10 2017 high. On the downside, initial firm support is seen at 112.08, Sep 30 high and a recent breakout level.

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