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Resumes Its Uptrend

USDJPY TECHS
  • RES 4: 149.75 High Nov 22
  • RES 3: 149.16 76.4% retracement of the Nov 13 - Dec 28 bull leg
  • RES 2: 148.51 High Nov 30
  • RES 1: 147.32 High Dec 7
  • PRICE: 146.70 @ 10:54 GMT Jan 16
  • SUP 1: 144.23/143.42 20-day EMA / Low Jan 9 and key S/T support
  • SUP 2: 141.86 Low Jan 3
  • SUP 3: 140.25 Low Dec 28 and the bear trigger
  • SUP 4: 139.11 2.236 proj of the Nov 13 - 21 - 22 price swing

USDJPY is trading higher today as the pair extends the recovery that started Dec 28. Today’s gains have resulted in a break of 146.41, the Jan 11 high and this confirms a resumption of the bull cycle. The move higher opens 147.32, the Dec 7 high. A key short-term support has been defined at 143.42, the Jan 9 low. Clearance of this level is required to signal a top and highlight a resumption of bearish activity.

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