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Remains Above Last Thursday’s Low

USDJPY TECHS
  • RES 4: 133.11 High Apr 4 2002
  • RES 3: 132.39 High Apr 15 2002
  • RES 2: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 130.05/131.35 High May 12 / High May 9 and the bull trigger
  • PRICE: 128.87 @ 06:29 BST May 16
  • SUP 1: 127.52 Low May 12
  • SUP 2: 126.95 Low Apr 27 and a key support
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

The USDJPY outlook is bullish and the pair remains above last Thursday’s low of 127.52. This level represents the first key support. A resumption of gains and a break above 131.35, May 9 high, would clear the path for 131.96, a Fibonacci projection. A move higher would also maintain a bullish price sequence of higher highs and higher lows and confirm a resumption of the downtrend. Key trend support is unchanged at 126.95, Apr 27 low.

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