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Approaching Key Support

USDJPY TECHS
  • RES 4: 160.17 High Apr 29 and the bull trigger
  • RES 3: 157.99 High May 1
  • RES 2: 157.00 61.8% retracement of the Apr 29 - May 3 sell-off
  • RES 1: 154.96/156.74 20-day EMA / High May 14
  • PRICE: 153.93 @ 06:30 BST May 16
  • SUP 1: 153.27 50-day EMA
  • SUP 2: 152.25 Trendline support drawn from the Dec 28 low
  • SUP 3: 151.86 Low May 3
  • SUP 4: 150.81 Low Apr 5

USDJPY faded off the week’s highs yesterday and is trading lower today. The reversal signals the end of the corrective recovery between May 3 - 14, and signals a possible resumption of a stronger bearish cycle near-term. Attention is on 153.27, the 50-day EMA, and 152.25, trendline support drawn from the Dec 28 low. Clearance of these two supports would highlight a stronger reversal. Initial firm resistance to watch is 156.74, the May 14 high.

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