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Approaching Channel Resistance

USDJPY TECHS
  • RES 4: 142.25 High Nov 21 2022
  • RES 3: 141.61 High Nov 23 2022
  • RES 2: 141.24 2.0% 10-dma envelope
  • RES 1: 140.81/92 Bull channel top from the Jan 16 low / High May 29
  • PRICE: 140.63 @ 16:06 BST May 30
  • SUP 1: 139.50 Low May 26
  • SUP 2: 138.23 Low May 24
  • SUP 3: 137.58 20-day EMA
  • SUP 4: 137.43 Low May 19

USDJPY bullish conditions remain intact and the pair is holding on to its recent gains. Price has arrived at the top of the bull channel drawn from the Jan 16 low which intersects at 140.81. This represents a key resistance and a clear break of it would reinforce bullish conditions and open 141.61, the Nov 23 2022 high. For bears, a reversal lower would instead highlight a potential short-term top. Initial key support to watch is 137.58, the 20-day EMA.

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

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