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Rally Extends

USDJPY TECHS
  • RES 4: 150.78 High Nov 17
  • RES 3: 149.75 High Nov 22
  • RES 2: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
  • RES 1: 148.51 High Nov 30
  • PRICE: 148.33 @ 14:55 GMT Jan 18
  • SUP 1: 145.35/144.51 50- and 20-day EMA values
  • SUP 2: 144.36 Low Jan 12 and key S/T support
  • SUP 3: 143.42 Low Jan 9
  • SUP 4: 141.86 Low Jan 3

USDJPY continues to climb as the pair extends the recovery that started Dec 28. This week’s gains have resulted in a break of 146.41, the Jan 11 high, confirming a resumption of the bull cycle. The move higher opens 148.51 next, the Nov 30 high. A key short-term support has been defined at 144.36, the Jan 12 low. Clearance of this level is required to signal a top and highlight a resumption of bearish activity.

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