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Volatile Price Action But The Trend Remains Up

  • RES 4: 153.39 3.764 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 3: 152.30 High Jul 1990
  • RES 2: 151.95 High Oct 21
  • RES 1: 149.71 Intraday high
  • PRICE: 148.92 @ 06:64 BST Oct 24
  • SUP 1: 145.56 Intraday low
  • SUP 2: 145.17 Low Oct 10
  • SUP 3: 143.29 50-day EMA
  • SUP 4: 141.77 Low Sep 23

Friday price action showed that USDJPY’s erratic uptrend can be matched by acute intraday volatility, with prices touching new cycle highs of 151.95 before correcting back sharply. The USD has touched a low of 145.56, just below the 20-day EMA at 146.63. Price has rebounded today. The primary trend direction remains up and attention is on 150.00 once again. A break of this level would open 151.95, the bull trigger. Key support is at 145.56.

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