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Key S/T Resistance Remains Exposed

USDJPY TECHS
  • RES 4: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 2: 116.35 High Jan 4 and the bull trigger
  • RES 1: 116.34 High Feb 10
  • PRICE: 115.05 @ 09:11 GMT Feb 17
  • SUP 1: 114.99 Low Feb 11
  • SUP 2: 114.65 50-day EMA
  • SUP 3: 114.16 Low Feb 02
  • SUP 4: 113.47 Low Jan 24 and key support

USDJPY remains below last week’s highs. The outlook is bullish following recent gains through resistance at 115.67/68, 76.4% of the Jan 4 - 24 downleg and the Jan 28 high. Attention is on key resistance at 116.35, Jan 4 high and the bull trigger. A clear break of this hurdle would resume the uptrend and pave the way for a climb towards 117.08, a projection of the Apr 23 - Jul 2 - Aug 4 price swing. Initial support is seen at 115.01.

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