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Remains Inside The Bull Channel

USDJPY TECHS
  • RES 4: 142.51 61.8% of the Oct 16 2022 - Jan 16 bear leg
  • RES 3: 142.25 High Nov 21 2022
  • RES 2: 141.61 High Nov 23 2022
  • RES 1: 140.45/141.16 High Jun 5 / Bull channel top from Jan 16 low
  • PRICE: 139.80 @ 06:34 BST Jun 8
  • SUP 1: 138.61 Low Jun 1 and the 20-day EMA
  • SUP 2: 137.43 Low May 19
  • SUP 3: 136.71 50-day EMA
  • SUP 4: 136.31 Low May 17

The trend condition in USDJPY remains bullish. The pair continues to trade just ahead of key resistance at the top of a bull channel drawn from the Jan 16 low. The top intersects at 141.11 today. A clear break of this level would reinforce a bullish theme and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal lower would highlight a potential top plus signal scope for a deeper pullback. Key support to watch is 138.61, the 20-day EMA.

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