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Bull Flag

USDJPY TECHS
  • RES 4: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 3: 130.43 High Apr 24 2002
  • RES 2: 130.00 Psychological round number
  • RES 1: 129.44 0.764 proj of the Feb 24 - Mar 28 - 31 price swing
  • PRICE: 128.06 @ 06:31 BST Apr 26
  • SUP 1: 127.35/126.98 Intraday low / Low Apr 19
  • SUP 2: 125.87 Low Apr 15
  • SUP 3: 125.45 20-day EMA
  • SUP 4: 124.01 Low Apr 11

USDJPY is in consolidation mode and this sideways activity highlights the formation of a bull flag. The pattern reinforces bullish conditions with the uptrend still intact. Last week’s price gains marked an extension of the uptrend, signalling potential for a continuation higher. The focus on 129.44 next, a Fibonacci projection. Sights are also on the important psychological 130.00 handle. A firm support is seen at 125.45, the 20-day EMA.

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