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Bulls Remain In The Driver’s Seat

USDJPY TECHS
  • RES 4: 146.12 76.4% Oct-Jan Downleg
  • RES 3: 144.40 1.382 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 2: 144.24 2.0% 10-dma envelope
  • RES 1: 143.87 High Jun 22
  • PRICE: 143.56 @ 15:56 BST Jun 26
  • SUP 1: 141.75 Former bull channel top drawn from the Jan 16 high
  • SUP 2: 141.21 Low Jun 20
  • SUP 3: 140.64/139.29 20-day EMA / Low Jun 14
  • SUP 4: 138.43/45 50-day EMA / Low Jun 1

USDJPY resumed its uptrend again Friday. The break higher retains the bullish technical short-term outlook, with 144.40 the next upside level, a Fibonacci projection point. Price has also added to gains on the recent breach of the top of a bull channel, at 141.75, drawn from the Jan 16 high. Note that moving average studies remain in a bull-mode position, highlighting an uptrend. Key short-term support is at 140.64 the 20-day EMA.

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