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Key Resistance At The Channel Top Remains Intact

USDJPY TECHS
  • RES 4: 142.51 61.8% of the Oct 16 2022 - Jan 16 bear leg
  • RES 3: 142.25 High Nov 21 2022
  • RES 2: 141.61 High Nov 23 2022
  • RES 1: 140.45/141.30 High Jun 5 / Bull channel top from Jan 16 low
  • PRICE: 139.82 @ 16:00 BST Jun 13
  • SUP 1: 138.80/45 20-day EMA / Low Jun 1
  • SUP 2: 137.43 Low May 19
  • SUP 3: 137.00 50-day EMA
  • SUP 4: 136.31 Low May 17

USDJPY is broadly unchanged. The trend condition remains bullish and attention is on key resistance at the top of a bull channel drawn from the Jan 16 low. The line intersects at 141.30 today. A clear break of this hurdle would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a strong reversal lower would instead highlight a potential top and signal scope for a deeper pullback inside the channel. Support is at 138.80, the 20-day EMA.

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