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Trend Direction Remains Up

USDJPY TECHS
Foreign Exchange Technical Analysismarkets-real-timeBulletMarketsForeign Exchange
  • RES 4: 140.00 Round number resistance
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 137.00 High Jun 29 and the bull trigger
  • PRICE: 135.29 @ 06:39 BST Jul 4
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 132.17/131.89 Low Jun 17 / Bull channel base from Mar 4 low
  • SUP 3: 131.50 Low Jun 16 and a key support
  • SUP 4: 130.00 Round number support

USDJPY continues to trade below recent highs. The trend condition remains bullish and short-term weakness is still considered corrective. A fresh cycle high last week confirmed a resumption of the primary uptrend and this maintains the sequence of higher highs and higher lows. Sights are on 137.30, a Fibonacci projection. Initial firm support to watch is 134.27, the Jun 23 low. A break would allow for a deeper corrective pullback.

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  • RES 4: 140.00 Round number resistance
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 137.00 High Jun 29 and the bull trigger
  • PRICE: 135.29 @ 06:39 BST Jul 4
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 132.17/131.89 Low Jun 17 / Bull channel base from Mar 4 low
  • SUP 3: 131.50 Low Jun 16 and a key support
  • SUP 4: 130.00 Round number support

USDJPY continues to trade below recent highs. The trend condition remains bullish and short-term weakness is still considered corrective. A fresh cycle high last week confirmed a resumption of the primary uptrend and this maintains the sequence of higher highs and higher lows. Sights are on 137.30, a Fibonacci projection. Initial firm support to watch is 134.27, the Jun 23 low. A break would allow for a deeper corrective pullback.