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Key Support Zone Remains Intact

USDJPY TECHS
  • RES 4: 160.17 High Apr 29 and the bull trigger
  • RES 3: 158.12 76.4% retracement of the Apr 29 - May 3 sell-off
  • RES 2: 157.99 High May 1
  • RES 1: 156.49/157.71 High Jun 4 / High May 29 and a key resistance
  • PRICE: 155.98 @ 16:31BST Jun 6
  • SUP 1: 154.72/55 50-day EMA / Low Jun 4
  • SUP 2: 154.17 Trendline support drawn from the Dec 28 low
  • SUP 3: 151.86 Low May 3 and a pivot level
  • SUP 4: 150.81 Low Apr 5

The trend outlook in USDJPY is bullish and Wednesday's rally signals the end of the recent corrective pullback. The move higher means that for now, the key support zone, between 154.72, the 50-day EMA, and 154.17, a trendline drawn from the Dec 28 low, remains in place. A clear break of this key zone would be bearish and highlight a stronger reversal. For bulls, a move above 157.71, the May 29 high, would resume a short-term uptrend.

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