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Bulls Hold On

  • RES 4: 110.97 High Mar 31 and the bull trigger
  • RES 3: 110.55 High Apr 6
  • RES 2: 109.96 High Apr 9
  • RES 1: 109.34 High Apr 30
  • PRICE: 109.31 @ 17:08 BST Apr 30
  • SUP 1: 108.08/107.48 Low Apr 27 / Low Apr 23 and the bear trigger
  • SUP 2: 106.97 Low Mar 4
  • SUP 3: 106.78 50.0% retracement of the Jan - Mar rally
  • SUP 4: 106.37 Low Mar 1

The USDJPY outlook remains bullish. The pair recently traded below trendline support drawn off the Jan 6 low. This week's recovery though suggests the trendline has remained intact and a bullish theme appears to be developing. Price has traded above the 20-day EMA and further gains would open 109.96, Apr 9 high. On the downside, 107.48, Apr 23 low marks the key support. A break would instead resume the recent bearish pressure.

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