Free Trial

Fresh Cycle High

USDJPY TECHS
  • RES 4: 124.63 High Aug 13 2015
  • RES 3: 123.76 High Nov 18 2015
  • RES 2: 122.47 2.382 projection of the Dec 3 - Jan 4 - 24 price swing
  • RES 1: 122.16 High Mar 24
  • PRICE: 122.11 @ 16:20 GMT Mar 24
  • SUP 1: 120.00 Round number support
  • SUP 2: 119.04/ Low Mar 21 / 118.18 Low Mar 16
  • SUP 3: 117.74/28 20-day EMA / Low Mar 14
  • SUP 4: 116.35 High Jan 4

USDJPY rallied again Thursday, marking a sixth consecutive session of higher highs for the pair. The USD has this week cleared the top of the bull channel, drawn from the Jun 1 2021 high and traded through the psychological 120.00, 121.00 and now 122.00 handles. This confirmed a resumption of the uptrend and strengthened bullish conditions. Upside targets shift higher to 122.47, the 2.382 projection of the Dec 3 - Jan 4 - 24 price swing as well as the Nov 18 2015 high of 123.76. Initial support is seen at 120.00.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.