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Trend Outlook Remains Bullish

USDJPY TECHS
  • RES 4: 139.07 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 136.71/88 High Jun 22 / High Oct 30 1998
  • PRICE: 135.55 @ 06:43 BST Jun 23
  • SUP 1: 134.54 Low Jun 20
  • SUP 2: 133.04/131.50 20-day EMA / Low Jun 16 and key support
  • SUP 3: 130.43 Low Jun Low Jun 6
  • SUP 4: 130.00 Round number support

USDJPY broke to new cycle highs Tuesday and this confirmed a resumption of the primary uptrend. The move higher also maintains the bullish price sequence of higher highs and higher lows. The focus is on 136.88 next, the Oct 30 1998 high. A bull channel is also evident on the daily chart - drawn from the Mar 4 low. The top, at 139.27, is a near-term objective too. Key short-term support has been defined at 131.50.

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