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Trend Needle Still Points North

USDJPY TECHS
  • RES 4: 147.25 3.00 proj of the Aug 2 - 8 - 11 price swing
  • RES 3: 146.52 1.236 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 2: 146.03 2.764 proj of the Aug 2 - 8 - 11 price swing
  • RES 1: 144.99/145.28 High Sep 7 / 2.618 proj of Aug 2 - 8 - 11 swing
  • PRICE: 143.28 @ 16:01 BST Sep 19
  • SUP 1: 141.51 Low Sep 9
  • SUP 2: 140.97 20-day EMA
  • SUP 3: 139.87 Low Sep 2
  • SUP 4: 138.07 50-day EMA

USDJPY is consolidating and trading closer to its recent highs. The trend signal remains bullish with key short-term resistance at 144.99, Sep 7 high. A break would confirm a resumption of the primary uptrend. This would open 145.28 and 146.03, Fibonacci projections. Initial firm support has been defined at 141.51, Sep 9 low. A strong support also lies at the 20-day EMA, at 140.97. A break of this 141.51-140.97 zone would highlight a short-term top.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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