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Uptrend Extends

  • RES 4: 117.53 High Jan 9, 2017
  • RES 3: 116.87 High Jan 11, 2017
  • RES 2: 116.09 1.764 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 1: 115.52 High Nov 24
  • PRICE: 115.40 @ 06:31 GMT Nov 25
  • SUP 1: 114.16/113.59 Low Nov 19 and key near-term support
  • SUP 2: 113.11/112.73 50-day EMA / Low Nov 9
  • SUP 3: 112.08 High Sep 30 and a recent breakout level
  • SUP 4: 111.51 Low Oct 8

USDJPY remains in an uptrend. This week's gains confirmed a resumption of the uptrend following the break of 114.99, Nov 17 high and bulls have not looked back. The pair has tested 115.51, Mar 10, 2017 high and the print above this level reinforces current bullish conditions. The focus is on 116.09 next, a Fibonacci projection. On the downside, key short-term support has been defined 113.59, Nov 19 low.

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