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Bulls Remain In The Driver’s Seat

USDJPY TECHS
  • RES 4: 146.77 2.0% 10-dma envelope
  • RES 3: 146.12 76.4% Oct-Jan Downleg
  • RES 2: 145.66 1.50 proj of the Jan 16 - Mar 8 - Mar 24 price swing
  • RES 1: 145.07 High Jun 30
  • PRICE: 144.60 @ 06:37 BST Jul 5
  • SUP 1: 143.29/142.52 Low Jun 27 / 20-day EMA
  • SUP 2: 142.09 Former bull channel top drawn from the Jan 16 high
  • SUP 3: 141.21 Low Jun 20
  • SUP 4: 139.85 Low Jun 16

USDJPY remains in consolidation mode. The trend direction remains up and the pair is holding on to its recent gains. The focus is on 145.66, a Fibonacci projection and 146.77 further out, resistance at the 2.0% 10-dma envelope. The trend condition remains the most overbought (as per the 14-day RSI) since mid-October. Key short-term support is at 142.09, the former bull channel top. A break would signal scope for a deeper correction.

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