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Bullish Price Action

USDJPY TECHS
  • RES 4: 139.07 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 137.00 High Jun 29
  • PRICE: 136.61 @ 16:48 BST Jun 29
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 133.85/131.50 20-day EMA / Low Jun 16 and key support
  • SUP 3: 131.29 Bull channel base drawn from the Mar 4 low
  • SUP 4: 130.00 Round number support

USDJPY firmed further Wednesday, printing fresh cycle highs and the best levels since 1998. The move resumes the primary uptrend and maintains the sequence of higher highs and higher lows. This shifts focus to 137.30, the 1.50 proj of the Feb 24 - Mar 28 - 31 price swing. Markets will remain on watch for any signs of overbought conditions, but with the RSI still sub-70 there’s little sign the pair is running out of momentum at current levels. Key short-term support is unchanged at 131.50.

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

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