USDJPY TECHS: Uptrend Accelerates
Oct-21 12:43
- RES 4: 153.64 1.618 proj of the Aug 2 - 8 - 11 price swing
- RES 3: 153.39 3.764 proj of the May 24 - Jul 14 - Aug 2 price swing
- RES 2: 152.30 High Jul 1990
- RES 1: 152.00 Round number resistance151.20
- PRICE: 151.90 @ 13:42 BST Oct 21
- SUP 1: 150.00/149.56 Former psychological resistance / Low Oct 20
- SUP 2: 148.19/147.06 Low Oct 18 / 14
- SUP 3: 146.52 20-day EMA
- SUP 4: 144.72/143.53 Low Oct 7 / 5
The USDJPY uptrend has accelerated today with the pair extending gains above 150.00 - the break of 150.00 has reinforced bullish conditions. The climb maintains the positive price sequence of higher highs and higher lows and opens 152.00 and 152.30, the July 1990 high. Note that the trend is in overbought territory but this is clearly not a concern for bulls at this stage. Firm trend support lies at 146.52, the 20-day EMA. 150.00 is first support.
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