May 29, 2024 05:44 GMT
Bull Cycle Extends
USDJPY TECHS
- RES 4: 160.17 High Apr 29 and the bull trigger
- RES 3: 158.12 76.4% retracement of the Apr 29 - May 3 sell-off
- RES 2: 157.99 High May 1
- RES 1: 157.40 Intraday high
- PRICE: 157.26 @ 06:41 BST May 29
- SUP 1: 155.94/154.26 20- and 50-day EMA values
- SUP 2: 153.33 Trendline support drawn from the Dec 28 low
- SUP 3: 151.86 Low May 3
- SUP 4: 150.81 Low Apr 5
USDJPY has traded higher today and the current bull cycle remains in play. Resistance at 156.74, the May 14 high and 157.00, 61.8% of the Apr 29 - May 3 sell-off, has been breached. A continuation higher would open 157.99, the May 1 high. For bears, a reversal lower would again refocus attention on 154.26, the 50-day EMA, and 153.33, trendline support drawn from the Dec 28 low. Clearance of these two price points would be bearish.
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