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Approaching First Resistance

USDJPY TECHS
  • RES 4: 159.55 2.618 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 3: 158.97 2.50 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 2: 157.99/158.44 High May 1 / High Apr 26
  • RES 1: 156.28 High May 2
  • PRICE: 155.60 @ 16:10 BST May 8
  • SUP 1: 154.34/151.86 20+-day EMA / Low May 3
  • SUP 2: 151.53 Trendline support drawn from the Dec 28 low
  • SUP 3: 150.81 Low Apr 5
  • SUP 4: 150.21 50.0% retracement of the Dec 28 - Apr 29 bull cycle

USDJPY traded higher Wednesday as the pair extends its recovery from 151.86, the May 3 low. For now, the recovery is considered corrective and a bear threat remains present following last week’s volatile retracement. A resumption of weakness would signal scope for a test of key support at 151.53, a trendline drawn from the Dec 28 low. Clearance of this line would strengthen a bearish threat. Initial resistance to watch is 156.28, May 2 high.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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