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Bulls Return

USDJPY TECHS
  • RES 4: 111.30 High Mar 26, 2020
  • RES 3: 110.97 High Mar 31 and the bull trigger
  • RES 2: 110.55 High Apr 6
  • RES 1: 110.15 76.4% retracement of the Mar 31 - Apr 23 sell-off
  • PRICE: 109.89 @ 06:32 BST May 28
  • SUP 1: 109.04 High May 27
  • SUP 2: 108.56/34 Low May 25 / Low May 7 and key S/T support
  • SUP 3: 107.48 Low Apr 23 and the bear trigger
  • SUP 4: 106.97 Low Mar 4

USDJPY's bullish bias returned Thursday, with prices trading above the May 13 high of 109.79. The break higher confirms a resumption of the recovery that started Apr 23. Attention is on 110.15, a Fibonacci retracement and this year's high print of 110.97 from Mar 31. A break of the latter would confirm a resumption of this year's uptrend. Key short-term support has been defined at 108.56, Low May 25.

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