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Stocks Inch Higher, But Gains Inconsistent

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  • RES 4: 107.05 High Aug 13, 2020
  • RES 3: 106.95 High Aug 28, 2020
  • RES 2: 106.81 1.0% 10-dma envelope
  • RES 1: 106.69 High Feb 26
  • PRICE: 106.65 @ 16:56 GMT Feb 26
  • SUP 1: 104.92 Low Feb 23
  • SUP 2: 104.74 Trendline drawn off the Jan 6 low / Low Feb 10
  • SUP 3: 104.41 Low Feb 10
  • SUP 4: 104.07 Low Jan 28

USDJPY maintains a bullish tone and the recent pullback has been confirmed as a correction. The Feb 16 climb resulted in a break of resistance at 105.77, Feb 5 high. This confirms a resumption of the uptrend that started Jan 6 and reinforces the significance of the recent key technical break - the breach on Jan 27 of the bear channel resistance drawn off the Mar 2020 high. The focus is on 106.95 next, the Aug 28 2020 high.