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Outlook Remains Bullish

USDJPY TECHS
  • RES 4: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 2021 price swing
  • RES 3: 116.35 High Jan 4 and the bull trigger
  • RES 2: 115.67/68 76.4% of the Jan 4 - 24 downleg / High Jan 28
  • RES 1: 115.43 High Feb 4
  • PRICE: 115.24 @ 16:02 GMT Feb 4
  • SUP 1: 114.16/113.47 Low Feb 02 / Low Jan 24 and key support
  • SUP 2: 113.43 76.4% of the Nov 30 - Jan 4 rally
  • SUP 3: 113.14 Low Dec 17
  • SUP 4: 112.53/112.31 Low Nov 30 / 2.0% 10-dma envelope

The USDJPY outlook remains bullish despite the midweek dip in prices. The climb between Jan 24 - 28 resulted in a breach of former resistance at 115.06, the Jan 18 high. This has strengthened the recent reversal from 113.47, Jan 24 low and signals scope for an extension towards 116.35, high Jan 4 and a key medium-term resistance. Key short-term support is unchanged at 113.47. A break would be bearish.

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