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Trend Conditions Remain Bullish

USDJPY TECHS
  • RES 4: 116.08 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 115.51 High Mar 10, 2017
  • RES 2: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 114.70/73 High Oct 20 / High Nov 6, 2017
  • PRICE: 114.04 @ 06:30 BST Oct 27
  • SUP 1: 113.01 20-day EMA
  • SUP 2: 112.08 High Sep 30 and a recent breakout level
  • SUP 3: 111.51 Low Oct 8
  • SUP 4: 110.82/80 Low Oct 4 / High Aug 11

USDJPY remains in an uptrend and dips are considered corrective. The pair recently cleared a long-term trendline (at 113.41) drawn off the Dec 1975 high. This represents an important technical break and momentum and moving average studies continue to point north. Attention is on 114.99 next, a Fibonacci projection. Initial firm support is seen at 112.08, Sep 30 high and a recent breakout level.

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