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Bullish Price Sequence

USDJPY TECHS
  • RES 4: 112.40 High Apr 24, 2019
  • RES 3: 112.23 High Feb 20, 2020 and a key resistance
  • RES 2: 111.71/94 High Mar 24, 2020 / 1.0% 10-dma envelope
  • RES 1: 111.66 High Jul 2
  • PRICE: 110.93 @ 16:46 BST Jul 5
  • SUP 1: 110.42/109.72 Low Jun 30 / Low June 21
  • SUP 2: 109.77/109.19 50-day EMA / Low Jun 7
  • SUP 3: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 4: 107.48 Low Apr 23 and the bear trigger

USDJPY traded lower Friday and edged lower still early Monday. The move lower is considered corrective and bullish conditions continue to dominate. The pair last week cleared resistance at 111.12, Jun 24 high and a recent bull trigger. The recovery reinforces the current bull trend and the positive price sequence of higher highs and higher lows. The focus is on 111.94, the 1.0% 10-dma envelope. Key short-term trend support is at 110.42 Jun 30 low. A break is required to signal a top.

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