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Builds Off Recent Lows

USDJPY TECHS
  • RES 4: 132.39 High Apr 15 2002
  • RES 3: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 129.78/131.35 High May 17 / High May 9 and the bull trigger
  • RES 1: 128.89 High May 31
  • PRICE: 128.80 @ 15:31 BST May 31
  • SUP 1: 126.36 Low May 24
  • SUP 2: 126.10 50-day EMA
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

USDJPY has managed to recover from its recent lows and support at the 50-day EMA remains intact - the average intersects at 126.10. Recent weakness below support at 126.95, Apr 27 low, was bearish. However, this has not resulted in an extension lower to reinforce a bearish threat. A break of the 50-day EMA would strengthen bearish conditions. For bulls, a recovery would open 129.78 next, May 17 high.

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

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