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Bulls Return

USDJPY TECHS
  • RES 4: 132.39 High Apr 15 2002
  • RES 3: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 131.35 High May 9 and the bull trigger
  • RES 1: 130.81 High May 11
  • PRICE: 129.65 @ 13:58 BST Jun 2
  • SUP 1: 126.36 Low May 24 and the 50-day EMA
  • SUP 2: 125.09 Low Apr 14
  • SUP 3: 124.01 Low Apr 11
  • SUP 4: 123.47 Low Apr 7

USDJPY has recovered well off recent lows and remains above support at the 50-day EMA - the average intersects at 126.36 today. This week’s move higher signals the end of a recent corrective pullback and also highlights the point that corrections in USDJPY are shallow. This reinforces bullish conditions and signals scope for a climb towards the bull trigger at 131.35, May 9 high. Key short-term support has been defined at 126.36.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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