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Trend Remains Up

USDJPY TECHS
  • RES 4: 133.11 High Apr 4 2002
  • RES 3: 132.39 High Apr 15 2002
  • RES 2: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 131.35 High May 9 and the bull trigger
  • PRICE: 130.20 @ 16:56 BST May 11
  • SUP 1: 128.44 20-day EMA
  • SUP 2: 126.95 Low Apr 27 and a key support
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

The USDJPY outlook remains bullish. The pair probed resistance at 131.25 on Monday, the Apr 28 high. A clear break of this level would confirm a resumption of the uptrend and open the next objective at 131.96, a Fibonacci projection. A move higher would also maintain a bullish price sequence of higher highs and higher lows. Key support has been defined at 126.95, Apr 27 low. A break would signal a reversal. Initial firm support is at 128.22.

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  • RES 4: 133.11 High Apr 4 2002
  • RES 3: 132.39 High Apr 15 2002
  • RES 2: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 131.35 High May 9 and the bull trigger
  • PRICE: 130.20 @ 16:56 BST May 11
  • SUP 1: 128.44 20-day EMA
  • SUP 2: 126.95 Low Apr 27 and a key support
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

The USDJPY outlook remains bullish. The pair probed resistance at 131.25 on Monday, the Apr 28 high. A clear break of this level would confirm a resumption of the uptrend and open the next objective at 131.96, a Fibonacci projection. A move higher would also maintain a bullish price sequence of higher highs and higher lows. Key support has been defined at 126.95, Apr 27 low. A break would signal a reversal. Initial firm support is at 128.22.