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Resumes Its Uptrend

USDJPY TECHS
  • RES 4: 140.27 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 137.00 High Jun 29
  • PRICE: 136.33 @ 06:27 BST Jun 30
  • SUP 1: 135.11/134.27 Low Jun 29/ 23
  • SUP 2: 132.17/131.50 Low Jun 17 /
  • SUP 3: 131.50/49 Low Jun 16 / Bull channel base from the Mar 4 low
  • SUP 4: 130.00 Round number support

USDJPY delivered a fresh cycle high Wednesday, confirming a resumption of the primary uptrend. The high marks the best levels since 1998. The climb also maintains the sequence of higher highs and higher lows. Sights are on 137.30, a Fibonacci projection. Markets will be on the lookout for overbought readings but with the RSI still sub-70, there’s little sign the pair is running out of momentum at current levels. Initial firm support is 134.27, the Jun 23 low.

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