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Bulls Remain In The Driver’s Seat

USDJPY TECHS
  • RES 4: 148.60 2.236 projection of the Jul 14 - 21 - 28 price swing
  • RES 3: 148.40 High Nov 4 2022
  • RES 2: 147.49 2.00 projection of the Jul 14 - 21 - 28 price swing
  • RES 1: 147.37 High Aug 29 and the bull trigger
  • PRICE: 146.79 @ 06:37 BST Sep 05
  • SUP 1: 145.29/144.45 20-day EMA / Low Sep 1 and key support
  • SUP 2: 143.46 50-day EMA
  • SUP 3: 142.31 50.0% retracement of the Jul 14 - Aug 29 upleg
  • SUP 4: 141.52 Low Aug 7

USDJPY is trading higher today. The trend outlook remains bullish and attention is on resistance at 147.37, the Aug 29 high and the bull trigger. A clear break of this level would confirm a resumption of the uptrend and open 148.40, the Nov 4 2022 high. Friday’s low of 144.45 represents the key short-term support where a break would signal scope for a deeper correction and expose 143.46, the 50-day EMA.

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