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Bullish Trend Conditions

USDJPY TECHS
  • RES 4: 133.11 High Apr 4 2002
  • RES 3: 132.39 High Apr 15 2002
  • RES 2: 131.96 1.00 proj of the Feb 24 - Mar 28 - 31 price swing
  • RES 1: 131.25 High Apr 28
  • PRICE: 130.46 @ 06:28 BST Apr 29
  • SUP 1: 128.34/126.95 Low Apr 28 / Low Apr 27 and a key support
  • SUP 2: 126.36 20-day EMA
  • SUP 3: 125.09 Low Apr 14
  • SUP 4: 124.01 Low Apr 11

USDJPY traded higher Thursday to confirm a resumption of the primary uptrend. The pair has cleared the recent trend high of 129.40 (Apr 20) and a chart point at 129.44, the 0.764 projection of the Feb 24 - Mar 28 - 31 price swing. The psychological 130.00 handle has also been cleared and (briefly) 131.00, strengthening bullish conditions. The focus is on 131.96 next, a Fibonacci projection. 126.95 represents a key short-term support.

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