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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: 157.71 High May 29
  • PRICE: 157.65 @ 19:31 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 traded higher Wednesday and the 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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