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Bulls Remain In The Driver’s Seat

USDJPY TECHS
  • RES 4: 158.38 2.382 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 3: 157.65 2.236 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 2: 156.47 2.00 proj of the Feb 1 - 13 - Mar 8 price swing
  • RES 1: 156.00 Round number resistance
  • PRICE: 155.69 @ 06:20 BST Apr 25
  • SUP 1: 154.46 Low Apr 22
  • SUP 2: 153.34/151.48 20- and 50-day EMA values
  • SUP 3: 150.81 Low Apr 5
  • SUP 4: 150.27 Low Mar 21

The USDJPY trend condition remains bullish and the pair continues to appreciate. This week’s move higher confirms a resumption of the primary uptrend and the 155.00 handle has been cleared. Note too that moving average studies remain in a bull mode position. This set-up highlights a clear rising trend and sights are on the 156.47 next, a Fibonacci projection. On the downside, support lies at 153.34, the 20-day EMA.

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