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Resistance At The Channel Top Remains Intact

  • RES 4: 142.51 61.8% of the Oct 16 2022 - Jan 16 bear leg
  • RES 3: 142.16/35 2.0% 10-dma envelope / High Nov 21 2022
  • RES 2: 141.61 High Nov 23 2022
  • RES 1: 141.01 Bull channel top from the Jan 16 low
  • PRICE: 140.04 @ 06:37 BST Jun 5
  • SUP 1: 138.45 Low Jun 1
  • SUP 2: 138.20 20-day EMA
  • SUP 3: 137.43 Low May 19
  • SUP 4: 136.31 Low May 17

USDJPY bullish conditions remain intact and the latest pullback appears to be a correction. Recent highs resulted in a test of the top of a bull channel, drawn from the Jan 16 low which intersects at 141.01 today and represents a key resistance. A clear break of it would reinforce bullish conditions and open 141.61, the Nov 23 2022 high. For bears, a stronger reversal lower would highlight a potential top. Key support to watch is 138.20, the 20-day EMA.

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