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Bullish Price Action

USDJPY TECHS
  • RES 4: 139.07 Bull channel top drawn from the Mar 4 low
  • RES 3: 138.56 1.618 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 2: 137.30 1.50 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 136.71/88 High Jun 22 / High Oct 1998
  • PRICE: 136.06 @ 06:38 BST Jun 29
  • SUP 1: 134.27 Low Jun 23
  • SUP 2: 133.85/131.50 20-day EMA / Low Jun 16 and key support
  • SUP 3: 131.29 Bull channel base drawn from the Mar 4 low
  • SUP 4: 130.00 Round number support

USDJPY resumed gains ahead of yesterday’s close, keeping cycle highs under pressure. Trend conditions remain bullish, reinforced by last week’s confirmation of a resumption of the primary uptrend. Fresh cycle highs also maintain a bullish price sequence of higher highs and higher lows and the focus is on 136.88 next, the Oct 1998 high. Key short-term support is unchanged at 131.50.

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