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USDJPY TECHS
  • RES 4: 124.81 3.00projection of the Dec 3 - Jan 4 - 24 price swing
  • RES 3: 124.63 High Aug 13 2015
  • RES 2: 123.76 High Nov 18 2015
  • RES 1: 123.37 2.618 projection of the Dec 3 - Jan 4 - 24 price swing
  • PRICE: 123.01 @ 05:46 GMT Mar 28
  • SUP 1: 121.97 Intraday low
  • SUP 2: 120.95/120.00 Low Mar 24 / Round number support
  • SUP 3: 119.04 Low Mar 21
  • SUP 4: 118.55 20-day EMA

USDJPY has started the week on a firm note and traded to a fresh trend high, confirming a resumption of its uptrend. Current momentum suggests the USD still has the potential to extend this bull cycle, although it is worth noting that the pair is extremely overbought on the daily frequency. Upside targets shift higher to 123.76, the Nov 18 2015 high ahead of 124.63, the Aug 13 2015 high. Last Thursday’s low of 120.95 is seen as a firm near-term support.

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