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Resistance At The Channel Top Still Intact

USDJPY TECHS
  • 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: 140.45/141.06 High Jun 5 / Bull channel top from Jan 16 low
  • PRICE: 139.53 @ 15:48 BST Jun 5
  • SUP 1: 138.45 Low Jun 1
  • SUP 2: 138.33 20-day EMA
  • SUP 3: 137.43 Low May 19
  • SUP 4: 136.31 Low May 17

The trend condition in USDJPY remains bullish and the latest pullback appears to be a correction. The top of a bull channel, drawn from the Jan 16 low, which intersects at 141.06 today, represents key resistance. 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. Key support to watch is 138.33, the 20-day EMA.

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