USDJPY rises to new multi-year high, eyes 1998 peak
Fresh bullish acceleration broke above previous 24-year peak at 145.90, pushing the price to new multi-year highs in European trading on Wednesday.
Bullish continuation after a limited pullback, sparked by Japan’s intervention in September, confirms an end of larger consolidation, also showing that the downside remains well protected, as post-intervention dip was contained above psychological 140 support.
Overbought conditions on daily chart so far do not impact bulls, but some price adjustments could be expected in coming sessions, before final push towards target at 147.68 (1998 high).
Bulls look for confirmation daily close above broken top at 145.90, which will revert to initial support, with former tops at 145.00 zone, reinforced by rising daily Tenkan-sen, marking a solid support which should contain dips and guard lower pivot at 144.40 (the lower boundary of a bull-channel, a trendline drawn off 130.39, Aug 2 higher low).
Res: 147.05; 147.21; 147.68; 148.01
Sup: 145.90; 145.30; 145.00; 144.40