Free Trial

Tops Key Resistance

USDJPY TECHS
  • RES 4: 146.12 76.4% Oct-Jan Downleg
  • RES 3: 144.40 1.382 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 143.77 2.0% 10-dma envelope
  • RES 1: 142.89 High Jun 22
  • PRICE: 141.79 @ 16:38 BST Jun 22
  • SUP 1: 140.03/139.29 20-day EMA / Low Jun 14
  • SUP 2: 138.45 Low Jun 1
  • SUP 3: 138.02 50-day EMA
  • SUP 4: 137.43 Low May 19

USDJPY ramped higher Thursday, topping key resistance at the 142.51 level - the 61.8% retracement for the Oct-Jan downleg. This retains the bullish technical short-term outlook, with 143.66 the next upside level. Price has added to gains on the recent breach of 141.65, the top of a bull channel drawn from the Jan 16 high. This reinforces bullish conditions and confirms a resumption of the uptrend, maintaining the bullish sequence of higher highs and higher lows. Support to watch is at 140.03 the 20-day EMA. A break would signal a short-term top.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.