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Bullish Price Structure Intact

USDJPY TECHS
  • RES 4: 112.23 High Feb 20, 2020 and a key resistance
  • RES 3: 111.71 High Mar 24 and a key resistance
  • RES 2: 111.30/58 High Mar 26, 2020 / 1.0% 10-dma envelope
  • RES 1: 111.12 High Jun 24
  • PRICE: 110.52 @ 16:41 BST Jun 28
  • SUP 1: 110.21/109.72 Low Jun 22 / Low June 21
  • SUP 2: 109.50/19 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 higher last week and again delivered fresh 2021 highs following the print above Y110.97, Mar 31 high and a previous bull trigger. This cements the uptrend, maintaining a bullish price sequence of higher highs and higher lows. Attention is on 111.30/47, the Mar 26, 2020 high and 1.0% 10-dma envelope. Initial key support is unchanged at 109.72, Jun 21 low. A break of this level is required to signal a top.

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