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Holding On To Its Recent Gains

USDJPY TECHS
  • RES 4: 146.52 1.236 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 146.03 2.764 proj of the Aug 2 - 8 - 11 price swing
  • RES 2: 145.90 High Sep 22
  • RES 1: 144.90 High Sep 27
  • PRICE: 144.61 @ 06:49 BST Sep 29
  • SUP 1: 142.59/141.77 20-day EMA / Low Sep 23
  • SUP 2: 140.36 Low Sep 22 and key short-term support
  • SUP 3: 139.87 Low Sep 2
  • SUP 4: 139.47 50-day EMA

USDJPY is holding on to the recovery from last 140.36, the Sep 22 low. This level has been defined as a key short-term support where a break is required to highlight a top and the potential for a deeper retracement. The uptrend remains intact and attention is on the bull trigger at 145.90, the Sep 22 high. A break would confirm a resumption of the uptrend and open 146.03, a Fibonacci projection.

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