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Trend Needle Still Points North

  • RES 4: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 3: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 136.04 1.382 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 135.59 High Jun 15
  • PRICE: 134.36 @ 06:37 BST Jun 16
  • SUP 1: 133.19/131.87 Low Jun 9 / Low Jun 7
  • SUP 2: 131.63 20-day EMA
  • SUP 3: 130.00 Round number support
  • SUP 4: 128.67 50-day EMA

The USDJPY uptrend remains intact. This week's move above 135.00 reinforces the bull trend and maintains the positive price sequence of higher highs and higher lows. Moving average studies are pointing north and indications are that the USD has further to go, despite being overbought. The focus is on the 136.04, a Fibonacci projection. Initial firm support is seen at 131.63, the 20-day EMA. A retracement would be considered corrective.

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