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Bullish Outlook

USDJPY TECHS
  • RES 4: 140.86 1.764 proj of the Aug 2 - 8 - 11 price swing
  • RES 3: 140.11 1.618 proj of the Aug 2 - 8 - 11 price swing
  • RES 2: 140.00 Psychological round number
  • RES 1: 139.39 High Jul 14 and key resistance
  • PRICE: 138.58 @ 16:27 BST Aug 31
  • SUP 1: 137.37 Low Aug 29
  • SUP 2: 135.82 Low Aug 23 and key near-term support
  • SUP 3: 135.06 50-day EMA
  • SUP 4: 133.91 Low Aug 17

USDJPY short-term conditions are unchanged and remain bullish. The recent breach of 137.71, Aug 22 high, reinforces the bullish theme. The break confirms a resumption of the current bull cycle and exposes the next key resistance at 139.39, Jul 14 high. Clearance of this hurdle would confirm a resumption of the primary uptrend. On the downside, key short-term support has been defined at 135.82, the Aug 23 low.

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

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