Free Trial

Trend Outlook Remains Bullish

USDJPY TECHS
  • RES 4: 118.66 High Dec 15, 2016
  • RES 3: 118.07 2.236 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 117.08 2.00 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 116.35 High Jan 4
  • PRICE: 115.60 @ 17:00 GMT Jan 7
  • SUP 1: 115.29 Low Jan 4
  • SUP 2: 114.82 20-day EMA
  • SUP 3: 114.06 50-day EMA
  • SUP 4: 113.33 Low Dec 20

USDJPY is consolidating below Tuesday's high of 116.35. Trend conditions remain bullish. The break this week of 115.52, Nov 24 high, confirmed a resumption of both the short and medium-term uptrend, paving the way for a climb towards 117.08 next, a Fibonacci projection. Moving average conditions remain in a bull mode and this condition reinforces the current positive sentiment. Initial firm support is seen at 114.82, the 20-day EMA.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.