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Bullish Extension

USDJPY TECHS
  • RES 4: 140.71 1.236 proj of the Jun 16 - 22 - 23
  • RES 3: 140.00 Psychological round number
  • RES 2: 139.48 1.00 proj of the Jun 16 - 22 - 23
  • RES 1: 139.00 Round number resistance
  • PRICE: 138.72 @ 08:03 BST Jul 14
  • SUP 1: 135.56/134.27 20-day EMA / Low Jun 23
  • SUP 2: 133.50 Bull channel base from the Mar 4 low
  • SUP 3: 132.68 50-day EMA
  • SUP 4: 131.50 Low Jun 16 and a key support

USDJPY is on the move again and has traded to a fresh cycle high today above the 138.00 handle. The break higher confirms a resumption of the primary uptrend. Moving average studies remain in bull mode condition and this clearly highlights current market sentiment. The focus is on 139.00 next ahead of 139.48, a Fibonacci projection. On the downside, the 20-day EMA, at 135.56, marks initial support.

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