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Fresh Cycle Highs As The Bull Trend Resumes

USDJPY TECHS
  • RES 4: 135.15 High Jan 31 2002 and a congestion area
  • RES 3: 134.48 1.236 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 133.84 High Apr 1 2002 and a key short-term resistance
  • RES 1: 133.11 High Apr 4 2002
  • PRICE: 12.85 @ 06:43 BST Jun 7
  • SUP 1: 130.43/128.94 Low Jun 6 / 20-day EMA
  • SUP 2: 126.87/36 50-day EMA / Low May 24 and key support
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

USDJPY has resumed its primary uptrend - the pair has cleared resistance at 131.35, May 9 high. The move higher maintains the broader bullish price sequence of higher highs and higher lows and with moving average studies pointing north, indications are that the USD has further to go. The focus is on 134.48, a Fibonacci projection. Initial firm support is seen at 128.94, the 20-day EMA.

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