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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: 111.30/64 High Mar 26, 2020 / 1.0% 10-dma envelope
  • RES 1: 111.12 High Jun 24
  • PRICE: 110.53 @ 18:15 BST Jun 29
  • SUP 1: 110.21/109.72 Low Jun 22 / Low June 21
  • SUP 2: 109.55/19 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 dips are likely corrective. The pair traded higher last week and again delivered fresh 2021 highs following the print above Y110.97, Mar 31 high. This cements the uptrend, maintaining a bullish price sequence of higher highs and higher lows. Attention is on 111.30/64, 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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