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Bull Rally Extension

USDJPY TECHS
  • RES 4: 147.25 3.00 proj of the Aug 2 - 8 - 11 price swing
  • RES 3: 146.52 1.236 proj of the May 24 - Jul 14 - Aug 2 price swing
  • RES 2: 146.03 2.764 proj of the Aug 2 - 8 - 11 price swing
  • RES 1: 145.28 2.618 proj of the Aug 2 - 8 - 11 price swing
  • PRICE: 144.00 @ 16:50 BST Sep 8
  • SUP 1: 142.71 Low Sep 7
  • SUP 2: 140.25./139.87 Low Sep 6 / Low Sep 2
  • SUP 3: 138.57 20-day EMA
  • SUP 4: 136.37 50-day EMA

USDJPY traded higher Wednesday, extending this week’s impulsive bull run. The acceleration higher reinforces the current bullish theme following last week’s resumption of the primary uptrend - former resistance at 139.39 has been cleared, the Jul 14 high. Attention is on 145.00 where a break would further strengthen current conditions. This would open 145.28 and further out 146.03, Fibonacci projections. Firm trend support is 138.57, the 20-day EMA.

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

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