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USDJPY TECHS: Continues To Appreciate

USDJPY TECHS
  • RES 4: 163.36 2.00 proj of the May 3 - 14 - 16 price swing      
  • RES 3: 163.00 2.0% 10-dma envelope
  • RES 2: 162.21 1.764 proj of the May 3 - 14 - 16 price swing
  • RES 1: 161.95 High Jul 3
  • PRICE: 161.48 @ 16:36 BST Jul 3
  • SUP 1: 160.26/159.07 Low Jun 28 / 20-day EMA  
  • SUP 2: 157.35 Trendline support drawn from Dec 28 low  
  • SUP 3: 157.03 /154.55 50-day EMA / Low Jun 4 
  • SUP 4: 153.60 Low May 16

The trend in USDJPY remains bullish and the pair continues to appreciate. Last week’s breach of key resistance at 160.17, the Apr 29 high, confirmed a resumption of the primary uptrend and the bullish follow through since, reinforces current conditions. Note that moving average studies are in a bull mode position, highlighting positive market sentiment. Sights are on 162.21, a Fibonacci projection. Support is at the 20-day EMA, at 159.07.  

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  • RES 4: 163.36 2.00 proj of the May 3 - 14 - 16 price swing      
  • RES 3: 163.00 2.0% 10-dma envelope
  • RES 2: 162.21 1.764 proj of the May 3 - 14 - 16 price swing
  • RES 1: 161.95 High Jul 3
  • PRICE: 161.48 @ 16:36 BST Jul 3
  • SUP 1: 160.26/159.07 Low Jun 28 / 20-day EMA  
  • SUP 2: 157.35 Trendline support drawn from Dec 28 low  
  • SUP 3: 157.03 /154.55 50-day EMA / Low Jun 4 
  • SUP 4: 153.60 Low May 16

The trend in USDJPY remains bullish and the pair continues to appreciate. Last week’s breach of key resistance at 160.17, the Apr 29 high, confirmed a resumption of the primary uptrend and the bullish follow through since, reinforces current conditions. Note that moving average studies are in a bull mode position, highlighting positive market sentiment. Sights are on 162.21, a Fibonacci projection. Support is at the 20-day EMA, at 159.07.