Fresh Cycle Highs Once Again

• RES 4: 128.15 High May 17 2002
• RES 3: 127.71 3.764 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
• RES 2: 127.16 3.618 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
• RES 1: 126.71 3.50 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
• PRICE: 126.21 @ 08:13 BST Apr 13
• SUP 1: 124.77/123.47 Low Apr 12 / Low Apr 6 and 7
• SUP 2: 122.24 20-day EMA
• SUP 3: 121.28 Low Mar 31 and a bear trigger
• SUP 4: 120.00 Round number support

USDJPY maintains its firmer tone and has this morning resumed its uptrend and traded to a fresh cycle high. The pair has also cleared the 126.00 handle. The break higher reinforces underlying bullish conditions and signals potential for a continuation of the uptrend near-term. The trend condition is overbought, however, this is not slowing the trend in any way at this stage. Key trend support has been defined at 121.28, the Mar 31 low.