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Trend Needle Points North

  • RES 4: 139.59 61.8% retracement of the Oct 21 and Jan 16 bear leg
  • RES 3: 138.17 High Dec 15 and a key resistance
  • RES 2: 137.66 2.0% Upper Bollinger Band
  • RES 1: 137.09 High Mar 02
  • PRICE: 136.28 @ 16:22 GMT Mar 3
  • SUP 1: 135.26 Low Mar 1
  • SUP 2: 133.73 50-day EMA
  • SUP 3: 132.55 Low Feb 15
  • SUP 4: 131.52 Low Feb 14

The USDJPY trend outlook remains bullish and while the pair is consolidating, it is also holding on to its recent gains. Price has pierced 136.67, 38.2% of the downleg between Oct 21 and Jan 16. A clear breach of this hurdle would set the scene for a climb towards 138.17, the Dec 15 high. On the downside, the support to watch lies at 133.73, the 50-day EMA. A clear break of this EMA is required to signal a possible reversal.

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