May 30, 2024 18:30 GMT
Bull Cycle Remains In Play Despite Today’s Move Lower
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: 156.64 @ 16:26 BST May 30
- SUP 1: 156.10/154.39 20- and 50-day EMA values
- SUP 2: 153.45 Trendline support drawn from the Dec 28 low
- SUP 3: 151.86 Low May 3
- SUP 4: 150.81 Low Apr 5
A bull cycle in USDJPY remains in play for now, despite Thursday’s pullback. Recently, 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 stronger reversal would again refocus attention on 154.39, the 50-day EMA, and 153.45, trendline support drawn from the Dec 28 low. Clearance of these two price points would be bearish.
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