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Volatile But Conditions Remain Bullish
- RES 4: 126.26 3.382 proj of the Dec 3 ‘21 - Jan 4 -24 price swing
- RES 3: 125.86 High Jun 5 2015 and a major resistance
- RES 2: 125.28 High Aug 12 2015
- RES 1: 125.09 High Mar 28
- PRICE: 123.44 @ 06:18 GMT Mar 29
- SUP 1: 121.97 Low Mar 28
- SUP 2: 120.95 Low Mar 24
- SUP 3: 120.00 Round number support
- SUP 4: 119.04/06 Low Mar 21 / 20-day EMA
USDJPY rallied sharply higher Monday, cresting at a new cycle high and the best levels since 2015 at 125.09. This marks a considerable technical break for the pair, and extends the extremely overbought condition (the 14-day RSI hit its highest since 2001 on Monday). Current momentum however suggests the USD still has the potential to extend this bull cycle, which would open 125.28 ahead of major resistance at 125.86. Initial support is at 121.97.
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