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Trading Above Support

USDJPY TECHS
  • RES 4: 151.95 High Oct 21 and a major resistance
  • RES 3: 151.09 2.764 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 150.40 2.618 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 150.16 High Oct 3 and the bull trigger
  • PRICE: 149.77 @ 16:35 BST Oct 12
  • SUP 1: 147.43 Low Oct 3
  • SUP 2: 146.45 50-day EMA
  • SUP 3: 145.91 Low Sep 11
  • SUP 4: 144.45 Low Sep 1

USDJPY traded stronger through the Thursday close, keeping support at last Tuesday’s low of 147.43 intact. The recovery from this level last week is bullish and - for now - the uptrend remains in play. A clear break of the 150.00 handle would reinforce bullish conditions. The bull trigger is 150.16, the Oct 3 high and a break would open 150.40, a Fibonacci projection. On the downside, clearance of 147.43 would be a bearish development and signal scope for a deeper retracement.

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