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Trend Needle Points North

USDJPY TECHS
  • RES 4: 141.61 High Nov 23
  • RES 3: 140.00 Round number resistance
  • RES 2: 139.59 50.0% retracement of the Oct 21 and Jan 16 bear leg
  • RES 1: 138.17/33 High Dec 15 / 2.0% Upper Bollinger Band
  • PRICE: 136.31 @ 16:17 GMT Mar 9
  • SUP 1: 135.37 Low Mar 6
  • SUP 2: 135.04 20-day EMA
  • SUP 3: 134.16 50-day EMA
  • SUP 4: 132.90 High Feb 6

The USDJPY trend outlook remains bullish and short-term pullbacks are considered corrective at these levels. This week’s break of 137.09, Mar 2 high, confirms a resumption of the current uptrend and attention is on resistance at 138.17, the Dec 15 high and a key short-term hurdle. Clearance of this level would reinforce bullish conditions. Further out, scope is seen for a climb towards 139.59, a Fibonacci retracement. Initial firm support lies at 135.37.

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