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Bull Rally Accelerates

USDJPY TECHS
  • RES 4: 114.99 1.50 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 3: 114.50 1.382 proj of Apr 23 - Jul 2 - Aug 4 price swing
  • RES 2: 113.91 2.0% 10-dma envelope
  • RES 1: 113.41/49 Trendline drawn from Dec 1975 high / Intraday high
  • PRICE: 113.30 @ 06:32 BST Oct 12
  • SUP 1: 112.08/111.51 Low Oct 11 / Low Oct 8
  • SUP 2: 110.82/80 Low Oct 4 / High Aug 11
  • SUP 3: 110.52 50-day EMA
  • SUP 4: 109.76 Low Sep 23

USDJPY accelerated higher Monday following a resumption of its uptrend Friday. The pair has cleared former resistance at 112.08, Sep 30 high and yesterday's strong bullish session resulted in a test of 113.41, a multi-year trendline resistance drawn from the December 1975 high. A clear break of this hurdle would reinforce the current trend condition. On the downside, key support has been defined at 110.82, Oct 4 low.

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