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Trend Needle Points North

USDJPY TECHS
  • RES 4: 138.17 High Dec 15 and a key resistance
  • RES 3: 137.69.38 2.0% 10-dma envelope
  • RES 2: 137.53 2.0% Upper Bollinger Band
  • RES 1: 136.92 High Feb 28
  • PRICE: 136.12 @ 15:54 GMT Mar 1
  • SUP 1: 134.06 Low Feb 24
  • SUP 2: 133.50 50-day EMA
  • SUP 3: 132.55 Low Feb 15
  • SUP 4: 131.52 Low Feb 14

USDJPY bulls remain in the driver’s seat and the pair delivered a fresh short-term trend high on Tuesday. Price has pierced 136.67, the 38.2% retracement of the downleg between Oct 21 and Jan 16. A clear break of this level would set the scene for a climb towards 138.17, the Dec 15 high. On the downside, the support to watch lies at 133.50, the 50-day EMA. A clear break of this EMA is required to signal a possible reversal.

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