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Bullish Extension

USDJPY TECHS
  • RES 4: 137.38 High Mar 9
  • RES 3: 136.99 High Mar 10
  • RES 2: 135.96 76.4% retracement of the Mar 8 - 24 bear leg
  • RES 1: 135.13 High Apr 19
  • PRICE: 134.67 @ 16:19 BST Apr 19
  • SUP 1: 133.07 20-day EMA
  • SUP 2: 132.02 Low Apr 13
  • SUP 3: 131.53 Low Feb 2
  • SUP 4: 130.64 Low Apr 5 and a key support

The current short-term uptrend in USDJPY remains intact and the pair traded higher Wednesday. Resistance at 134.75, the 61.8% retracement of the Mar 8 - 24 bear leg, has been cleared. This strengthens the current bullish theme and signals scope for a climb towards 135.96 next, the 76.4% retracement. On the downside, initial firm support lies at 133.07, the 20-day EMA. Key short-term support is at 132.02, the Apr 13 low.

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