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Approaching Key Resistance

USDJPY TECHS
  • RES 4: 161.50 1.618 proj of the May 3 - 14 - 16 price swing
  • RES 3: 160.92 1.50 proj of the May 3 - 14 - 16 price swing
  • RES 2: 160.17 High Apr 29 and the bull trigger
  • RES 1: 159.92 Intraday high
  • PRICE: 159.71 @ 16:57 BST Jun 24
  • SUP 1: 157.33 20-day EMA
  • SUP 2: 155.84 50-day EMA
  • SUP 3: 155.49 /154.55 Trendline drawn from Dec 28 low / Low Jun 4
  • SUP 4: 153.60 Low May 16

The trend in USDJPY is unchanged, it remains bullish, however Monday’s volatility signals scope for short-term retracements. A number of important short-term resistance points have been cleared. Most recently, price has breached 158.21, 76.4% of the Apr 29 - May 3 sell-off. The clear break of this price point signals scope for a move towards 160.17, the Apr 29 high and the key resistance. Initial support is 157.33, the 20-day EMA.

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