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Key Short-Term Support Defined At 126.36

USDJPY TECHS
  • RES 4: 132.39 High Apr 15 2002
  • RES 3: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 131.35 High May 9 and the bull trigger
  • RES 1: 129.78 High May 17
  • PRICE: 129.27 @ 06:45 BST June 1
  • SUP 1: 126.36 Low May 24
  • SUP 2: 126.20 50-day EMA
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

USDJPY has managed to recover from its recent lows and support at the 50-day EMA remains intact - the average intersects at 126.20. The move higher signals the end of the recent corrective pullback and also highlights the point that corrections in USDJPY are shallow. This reinforces bullish conditions and signals scope for a climb towards the bull trigger at 131.35, May 9 high. Key short-term support has been defined at 126.36, May 24 low.

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