USDJPY – bulls pressure key 2022 peak

USDJPY keeps firm bullish tone and extends gains, after 1.4% advance last week and hit new 2023 high on Monday.

Rally extends into sixth consecutive day and came just ticks ahead of 2022 peak (151.94, the highest in over three decades) with break of pivotal 152 zone to signal continuation of a larger uptrend from Dec 2011 low (75.55), interrupted by 151.94/127.22 correction.

Fibo projections of the upleg from 149.19 (Nov 3 higher low) mark immediate targets at 152.69 (138.2%), 153.29 (161.8%) and 154.26 (200%).

Full bullish setup of daily studies supports the action, though headwinds cannot be ruled out on overbought conditions and persisting intervention threats.

Friday’s low at 151.22 marks initial support, followed by Thursday’s low at 150.77, with dips to be contained by rising daily Tenkan-sen (150.52), guarding lower pivot at 150.00 (psychological / daily Kijun-sen) loss of which would sideline bulls.

Res: 151.85; 151.94; 152.69; 153.29
Sup: 151.22; 150.77; 150.52; 150.00